Bitget Revises Hack Loss Estimate to $387.5 Million

Bitget said its September 24 security breach resulted in losses of $387.5 million, revising an earlier estimate of about $351.6 million, and said its user protection fund would cover the loss so customer balances remain intact. The cryptocurrency exchange said deposits and trading continued during the incident, while withdrawals were suspended; it announced they would resume on September 26. The exchange’s September 25 update described unauthorized transfers from its wallet infrastructure and said investigators were still examining how the attackers gained access. Bitget said it was conducting forensic work with Mandiant and SlowMist and would share further findings as they became available. The company’s later account said the attackers entered a backend system and forged transaction data that passed internal authorization. In earlier comments, CEO Gracy Chen said the attackers transferred funds directly and did not forge user withdrawal requests. The accounts differ, and the available information does not establish which description is accurate. Chen said the exchange’s protection fund was valued at more than $464 million and would cover the reported loss.