Bitget Raises Loss Estimate to $387.5M After Security Incident

Bitget, a cryptocurrency exchange, has updated its estimate of losses from a security incident that occurred on September 24. The revised figure is now $387.5 million, up from an initial estimate of $351.6 million.

The increase in estimated losses was due to additional tracing that identified transfers involving Zcash and TRON. Bitget's CEO, Gracy Chen, stated that the revised figure does not indicate any new theft, only a more accurate count of affected assets.

Bitget has suspended withdrawals since the incident and is working with security firms Mandiant and SlowMist to investigate the breach. The company claims to have contained the incident, blocked further unauthorized transfers, and identified the attack path and bypass methods used by hackers.