Bitget Updates on Security Breach: $3.875 Billion Stolen, Recovery Timeline to Be Announced Soon

Bitget, a cryptocurrency exchange, has updated its users on the progress of investigating a recent security breach. According to Bitget's TradFi Chief Growth Officer, Xie Jia, the company has located the pathway and methods used by hackers in the attack, and is close to tracing the source of the hack.

The investigation team, along with third-party security firms Mandiant and SlowMist, are working together to gather more information. The company has also updated its estimates on the total amount stolen, which now stands at approximately $3.875 billion, including funds transferred from ZEC ($1,562.26) and TRX ($0.34).

Xie Jia stated that all stolen funds will be covered by Bitget's user protection fund, ensuring users' assets are not affected. The company has also launched a reward program for anyone who can help recover the stolen funds or provide information leading to the recovery of the attacker's funds.

The company has provided the address of the attacker and a real-time tracking dashboard on its website, and is encouraging users to submit any relevant information through Bybit's Lazarus reward platform.