Bitget Slams THORChain Over $387.5M Breach: 'The Industry is Watching'

Bitget CEO Gracy Chen has asked THORChain to block transactions linked to a $387.5 million breach that drained funds from the exchange's wallets on September 24.

The breach, which initially estimated at $351.6 million, included various cryptocurrencies such as AVAX, BNB, ETH, TRX, USDT, USDC, XRP, and ZEC.

Bitget has launched a Recovery Bounty Program that pays 5% of any funds frozen and 5% of any recovered funds routed through Bybit's LazarusBounty channel.

The exchange also plans to restart withdrawals in phases, warning that the process is slower than usual due to the incident involving multiple blockchains and tokens.