Bitget Raises Breach Estimate to $387.5 Million as IPO Plans Continue
The exchange said the higher figure reflects fuller accounting, not additional unauthorized transfers. Withdrawals were suspended while deposits and trading remained operational.
Bitget said about $387.5 million in crypto assets moved to attacker-controlled addresses during a Sept. 24 security breach, while CEO Gracy Chen continued to outline an eventual initial public offering for the exchange.
Bitget detected unauthorized transfers at 2:31 p.m. ET (18:31 UTC) and initially estimated the losses at $351.6 million. The exchange raised the figure to approximately $387.5 million after adding assets held on the Zcash and TRON networks, saying the increase reflected fuller accounting rather than additional unauthorized transfers.
The incident affected Ethereum and other EVM networks, the XRP Ledger, Zcash and TRON. Assets involved included XRP, Ether (ETH), Tether (USDT), Zcash (ZEC), USD Coin (USDC), BNB, Avalanche (AVAX) and TRX.
Bitget said its cold wallets were not compromised and that its User Protection Fund held more than $464 million as of Sept. 24. Withdrawals were temporarily suspended, while deposits and trading continued. The exchange said the vulnerability had been identified and remediated by 10:05 a.m. ET on Sept. 25.
Mandiant and SlowMist are assisting with the investigation, and some affected assets have been frozen. In a September CEO letter, Chen said Bitget was “paving that clearer path towards our IPO.”
