Bitget boosts hack loss estimate to $387.5M and outlines withdrawal plan

TL;DR

• Bitget has raised its confirmed figure for assets moved to addresses controlled by the attacker from $351.6 million to roughly $387.5 million.
• The exchange reports that the core vulnerability has been found and fixed.
• Withdrawals are set to resume in phases, starting with Bitcoin on September 28 and wrapping up by October 2.

Bitget has issued a major update regarding this week’s security incident, revising the confirmed total of stolen funds upward and detailing a schedule to bring back withdrawal services.

The platform now estimates the compromised assets at around $387.5 million, an increase from the original $351.6 million projection.

Bitget explains that this adjustment stems from extra assets discovered during transaction tracking instead of any new wave of unauthorized transactions.

The Vulnerability Has Been Patched, Bitget Says

The exchange reports that its security personnel have successfully pinpointed the attack vector and the technique utilized to evade current safeguards.

Bitget notes that the root vulnerability has been fixed and that additional unauthorized movements cannot happen.

External specialists from Mandiant and SlowMist are assisting with the probe.

The updated loss figure covers holdings across various blockchains, such as Ethereum and alternative EVM networks, the XRP Ledger, Zcash, and TRON.

Additionally, Bitget has introduced a recovery bounty initiative.

Participants whose voluntary efforts lead directly to the freezing or retrieval of funds are eligible for a reward determined as a share of the secured capital.

The exchange states that certain funds have already been frozen via collaboration with sector allies.

Withdrawals Will Return In Stages

Rather than enabling everything simultaneously, Bitget intends to reactivate withdrawals progressively.

Bitcoin transactions are slated to become active first on September 28.

Ether transfers across various supported networks are anticipated to resume on September 29, followed by USDT withdrawals on September 30.

Remaining tokens, fiat features, and peer-to-peer withdrawal options are targeted for a return by October 2.

This schedule now stands as a critical operational test in the wake of the breach.

Bitget has continually asserted that user account balances are safe and that its reserve mechanisms absorb the monetary impact.

Re-enabling withdrawals serves as the practical trial for that guarantee.

Furthermore, the updated $387.5 million total shifts this narrative significantly from the first incident reports.

The breach itself is already verified.

Attention is now turning toward recovery efforts, asset restoration, and whether the exchange can resume standard operations securely.

For Bitget, stopping the attack marked the initial phase.

Restoring withdrawal capabilities for clients is the subsequent step.

This article was written by the News Desk and edited by Samuel Rae.

Frequently Asked Questions

What is the updated total of assets affected by the Bitget breach?

Bitget increased its estimate from $351.6 million to approximately $387.5 million after discovering additional assets during transaction tracing.

Has the security flaw been fixed?

Yes, Bitget states that its security team and external investigators from Mandiant and SlowMist have identified the attack path, patched the vulnerability, and blocked any further unauthorized transfers.

When will withdrawals resume on Bitget?

Withdrawals are returning in stages: Bitcoin starts on September 28, Ether on September 29, USDT on September 30, and all other tokens, fiat services, and P2P withdrawals by October 2.

How does Bitget’s recovery bounty program work?

Eligible parties whose voluntary actions directly result in funds being frozen or recovered can receive a reward calculated as a percentage of the secured assets.