Bitget’s latest incident report confirms that total losses from the exchange’s security breach have reached $387.5 million. This updated figure marks a $35 million increase from the exchange’s initial estimate of $351.6 million. The additional losses were recorded after the internal team tallied missing assets on the Zcash (ZEC) and TRON (TRX) networks.
The loss of assets on both networks adds to the list of stolen funds previously identified primarily across EVM networks and the XRP Ledger. Amid the updated loss figures, Bitget maintained that the security incident is now fully contained. The exchange’s network systems show no further unauthorized outgoing transactions since the security team closed the initial exploit vector.
Not a Private Key Theft
Bitget CEO Gracy Chen detailed the attack vector used to exploit the exchange’s systems. Chen confirmed that the attackers did not breach the system by compromising private keys, nor did they forge withdrawal requests directly through the end-user interface. Instead, the hackers entered through a different vector by infiltrating backend systems within the exchange’s wallet infrastructure.
After gaining access to internal systems, the hackers forged internal transfer authorization data to move hundreds of millions of dollars in assets. On-chain investigations show that the hackers immediately laundered the stolen loot, swapping $19.67 million in USDT0 for 7,111 ETH in just six minutes. The attacker executed the swaps via UniswapX and 1inch Fusion, accepting rates 5% above market price to ensure instant execution.
Fund Recovery Bounty
As a continuing precautionary measure, the exchange has suspended all customer withdrawal services indefinitely. This withdrawal freeze leaves users waiting for internal mitigation efforts to conclude before they can access their crypto assets.
Alongside the withdrawal halt, the exchange rolled out a community bounty program. Bitget is offering rewards to anyone who assists in tracking, freezing, or recovering the stolen assets. The attacker’s rapid swap routes on decentralized exchanges now serve as the starting point for security investigators’ on-chain manhunt. Reported by Cointelegraph.
Previously: Bitget Breached for $351 Million Without Private Keys - CEO Blames North Korean Hackers
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
