Bitget Hack Escalates to $387.5 Million as Bounty Program Launched

Loss Estimate Rises to $387.5 Million

Bitget increased the value of assets stolen in its Sept. 24 breach to $387.5 million, up from the earlier $351.6 million figure. Chief Executive Officer Gracy Chen disclosed the revised loss on Sept. 25, noting that additional Zcash and TRON holdings were uncovered through on‑chain tracing after the initial accounting. The $36 million jump reflects transfers that occurred during the original incident, and Chen confirmed no further unauthorized transactions have been detected. The exchange’s User Protection Fund, which held more than $464 million at the time of the breach, remains a backstop for customers.

Recovery Bounty Program Unveiled

In response to the larger theft, Bitget introduced a Recovery Bounty Program that rewards parties who voluntarily freeze or recover stolen assets. Eligible participants can earn 5 % of the amount successfully frozen, and a separate 5 % incentive applies to funds that are returned through voluntary efforts. The program also covers freezes secured before its announcement, excluding actions taken under court orders or law‑enforcement requests. Bitget will determine eligibility and bounty payouts, using the LazarusBounty platform as the primary channel for tracking and reporting.

Industry Collaboration and Technical Response

Bitget’s investigation is being conducted with blockchain security firms Mandiant and SlowMist, and the exchange has published a real‑time tracing dashboard, a reporting portal, and an API listing attacker addresses. Other crypto exchanges, including Binance and Bybit, have joined the effort to freeze illicit funds. Bybit CEO Ben Zhou said his firm would assist Bitget and update LazarusBounty to aid the recovery campaign, reciprocating support after Bybit’s own $1.5 billion breach in 2025. The security team has already identified and patched the underlying vulnerability that allowed the breach, which was first detected at 18:31 UTC on Sept. 24.

Customer Impact and Next Steps

Withdrawals remain suspended more than 24 hours after the incident. Chen indicated that Bitget is working to restore the service and will announce a withdrawal plan by Sept. 26 at 04:00 UTC, though a full resumption is not guaranteed. Deposits and trading continue to operate normally. The exchange’s technical teams are validating the remediated systems and completing required checks before withdrawals can safely resume. The immediate milestone is the withdrawal announcement, while the longer‑term outcome will depend on how much of the $387.5 million can be clawed back through the industry‑wide recovery campaign.

Source: CryptoSlate