Bitget Breach Losses Rise to $387.5 Million Amid IPO Plans

Bitget's security breach on September 24 has resulted in significantly higher estimated losses than initially reported. The exchange now believes that $387.5 million in crypto assets were moved to attacker-controlled addresses during the incident, up from an initial estimate of $351.6 million. This revised figure includes assets held on the Zcash and TRON networks.

The breach affected various blockchains, including Ethereum and other EVM networks, the XRP Ledger, Zcash, and TRON. Assets involved included XRP, Ether (ETH), Tether (USDT), Zcash (ZEC), USD Coin (USDC), BNB, Avalanche (AVAX), and TRX.

Bitget's cold wallets were not compromised, and the exchange's User Protection Fund held over $464 million as of September 24. Withdrawals were temporarily suspended while deposits and trading continued.