CEO Gracy Chen announced the incentive structure on X, calling on security researchers and competing exchanges to assist in tracking the outflow. The initiative complements existing efforts by Circle and Tether, which have already blacklisted approximately $318,000 in USDC and USDT associated with the attacker’s addresses. Bitget maintains a live tracing dashboard to monitor the movement of assets across the Ethereum, XRP, Zcash, and TRON networks.
In section Cryptocurrency
Bitget Bounties Target $387.5M Hack Recovery
Following a massive security breach that drained $387.5 million from its systems, crypto exchange Bitget is offering a 10% bounty to investigators and partners. The program grants a 5% reward for successfully freezing stolen assets and an additional 5% for the recovery of funds linked to the unauthorized transfers.
While the exchange initially estimated the loss at $351.6 million, a comprehensive audit of affected Zcash and TRON wallets pushed the total to $387.5 million. Forensic analysis suggests the breach originated from a compromised backend wallet service rather than a private key leak. Bitget has since patched the vulnerability with the assistance of Mandiant and SlowMist. To restore user access, the company will resume withdrawals in stages, starting with Bitcoin on September 28, followed by Ethereum and stablecoins through October 2.
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