Bitget Boosts Estimated Loss to $387.5 Million After Security Breach

Bitget has increased its estimated loss to $387.5 million following a recent security breach, up from an initial estimate of $351.6 million.

The exchange claims that it has identified and fixed the underlying vulnerability that allowed hackers to bypass controls and make unauthorized transfers.

Withdrawals are expected to return in stages, with Bitcoin withdrawals resuming on September 28, followed by Ether and USDT withdrawals on September 29 and 30 respectively.

The exchange has also launched a recovery bounty program to incentivize parties who can help recover frozen funds or prevent further unauthorized transfers.