Bitget raises its hack loss estimate to $387.5 million
The amount stolen from crypto exchange Bitget's hot wallets rose to $387.5 million once missed assets were counted. Withdrawals restart on September 28.
The attack
On September 24 an attacker drained Bitget's hot and warm wallets across seven networks. The attacker breached a critical backend wallet system and spoofed transfer data, tricking the exchange's signing process into approving withdrawals that should never have gone through.
The loss grew
Bitget first put the loss at about $352 million. After counting Zcash and TRON assets missed in the first tally, it raised the figure to $387.5 million. The attacker moved $83 million of the stolen XRP beyond the reach of freeze controls.
What about users
Bitget says user balances are untouched and that its protection fund of more than $464 million will cover the loss. Withdrawals, paused since the attack, reopen in stages from September 28, starting with Bitcoin.