Bitget Attack Sees $387.5M in Assets Transferred, Recovery Bounty Launched

Bitget, a cryptocurrency exchange, has been hit by a massive attack that saw $387.5 million in assets transferred to attacker-controlled addresses. The company initially estimated the damage at $351.6 million but revised this figure upwards after conducting further investigations.

The attack, which occurred on September 24, involved an unauthorized transfer from some of Bitget's hot wallets. An investigation led by Mandiant and SlowMist has found that the attacker compromised a backend wallet service and fed false transfer information into Bitget's systems to trigger its authorization process.

Bitget CEO Gracy Chen thanked Circle and Tether for freezing assets linked to the attack, which totaled around $318,000. The exchange also launched a recovery bounty program offering 5% rewards for eligible efforts that freeze or recover stolen funds.