Bitget Lifts Cyberattack Loss Figure to $387.5M and Readies Withdrawals
Bitget revised its confirmed exploit losses to $387.5 million while publishing a phased schedule to restore client withdrawals.
Cryptocurrency exchange Bitget has revised its estimate of unauthorized transfers upward to roughly $387.5 million following extensive on-chain forensic tracing. As reported by NewsBTC, the adjustment elevates previous loss estimates from $351.6 million, reflecting a more comprehensive identification of hijacked wallets rather than any ongoing compromise.
The platform stated that internal cybersecurity engineers have pinpointed and patched the underlying infrastructure vulnerability responsible for the exploit. To re-establish normal operations safely, management released a phased withdrawal timetable scheduled to commence with Bitcoin processing on September 28, with all asset transfers projected to normalize by October 2.
The scale of the intrusion places this incident among the largest centralized exchange security breaches recorded this year, testing the resilience of secondary market liquidity and custodial safeguards. The exchange emphasized that forensic investigators are monitoring known hacker addresses in an attempt to freeze diverted funds before cross-chain mixers are deployed.
While the publication of a structured withdrawal roadmap offers relief to anxious depositors, attention remains focused on the platform's solvency buffers and reserve coverage. Traders and risk analysts will monitor on-chain outflow volumes closely as withdrawal channels unlock over the coming days.
Key takeaways
- Bitget increased its total breach estimate to $387.5 million following on-chain accounting.
- The exchange announced that the core security flaw has been remediated.
- Phased asset withdrawals will resume on September 28 and conclude by October 2.