Bitget revises hack loss to $387.5M, launches recovery bounty program

By Khal · · 1 min read

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AI-generated editorial illustration · AI-generated editorial illustration · Published Sep 25, 2026, 7:36 p.m. (40 minutes ago)

In brief

  • Bitget revised breach loss from $351.6M to $387.5M after identifying additional Zcash and TRON holdings.
  • Recovery Bounty Program offers 5% rewards for frozen or recovered stolen funds.
  • Binance and Bybit publicly support recovery; Bybit updated its LazarusBounty tracking platform.
  • User Protection Fund of $464M provides $76.5M cushion after revised loss.

Investigation and Recovery Efforts

Bitget first detected the unauthorized transfers from hot wallets at 18:31 UTC on September 24. The exchange suspended withdrawals while keeping deposits and trading operational. Bitget's investigation with blockchain security firms Mandiant and SlowMist remains underway, and Chen said Bitget is working to restore the service and will announce its withdrawal plan by Sept. 26 at 04:00 UTC.

The revised loss narrows the exchange's cushion considerably. Bitget's User Protection Fund held more than $464 million when the incident was disclosed, leaving roughly $76.5 million of buffer before accounting for any recovered assets.

Industry Support and Bounty Program

Binance and Bybit are among the exchanges publicly supporting the recovery. Bybit's Chief Executive Officer Ben Zhou said the company would assist Bitget and update its LazarusBounty platform to track the stolen funds. Bybit itself experienced a $1.5 billion breach in 2025, making the support particularly resonant within the sector.

Bitget's response includes financial incentives. The exchange launched a Recovery Bounty Program offering rewards tied directly to frozen or returned assets. Eligible parties whose voluntary actions freeze stolen funds can receive 5% of the amount successfully frozen, and Bitget is separately offering 5% of funds successfully recovered through eligible voluntary efforts.

The bounty structure mirrors tactics used in past breaches, leveraging on-chain transparency and community incentives to locate and immobilize stolen holdings before they're converted or moved to harder-to-trace assets.

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