What Happened
Bitget, a major cryptocurrency exchange, halted all user withdrawals Thursday after discovering a security breach that compromised digital assets across multiple blockchains, according to Reuters. The exchange initially reported losses of approximately $352 million but revised that figure upward to $388 million on Friday after completing a more comprehensive analysis of affected assets on the Zcash and TRON networks, according to Cointelegraph.
The exchange released an updated incident report Friday confirming the withdrawal pause would continue while investigators work to trace the stolen funds. Bitget simultaneously launched a bounty program designed to incentivize third parties to freeze or recover the compromised assets, though specific terms of the program were not disclosed. The company has not provided a timeline for when normal withdrawal operations will resume.
The breach represents one of the largest exchange security failures since the 2022 FTX collapse, though the circumstances differ significantly—this appears to be an external attack rather than internal misappropriation. Bitget has not disclosed technical details about how the breach occurred or which specific security controls failed.
