Bitget Hack Losses Soar to $387.5 Million as Exchange Freezes Stolen Funds

A major crypto exchange, Bitget, is dealing with the aftermath of a large hack that hit its systems on September 24. The attack compromised hot and warm wallets, but cold wallets stayed secure. According to Bitget's CEO Gracy Chen, attackers spoofed transaction data to trigger the wallet's authorization process.

Circle and Tether froze approximately $318,000 in USDC and USDT tied to the hack after detecting unauthorized transfers from Bitget's hot wallets. The two companies blacklisted a wallet holding stolen funds, which included about 170 ETH, 218,023 USDT, and 99,990 USDC.

Bitget raised its estimate of stolen assets to $387.5 million, up from the initial estimate of $351.6 million. The company said this update reflects a fuller accounting of the original hack and includes affected assets on Zcash and TRON.