Cryptocurrency exchange Bitget has raised its estimate of the funds lost in the October 13 hack to $387.5 million, nearly four times the figure it initially reported, blockchain security firm CertiK said on Saturday.
Bitget first reported the breach on October 13, saying that losses were around $100 million. The exchange attributed the incident to a vulnerability in its hot wallet, which is used for day-to-day transactions and is connected to the internet.
CertiK, which tracks cryptocurrency security incidents, said on Saturday that Bitget had revised the figure to $387.5 million. The security firm also said that around $200 million of the stolen funds had been frozen, though it did not specify who had frozen them.
The revision makes the Bitget breach one of the largest cryptocurrency hacks of the year. The incident adds to a growing list of security breaches that have hit the crypto industry in 2026.
Bitget is one of the larger cryptocurrency exchanges, with millions of users worldwide. The exchange has said that it will compensate users affected by the hack, though details of the compensation plan have not been fully disclosed.
The hack targeted Bitget's hot wallet, which holds a portion of user funds for active trading. Hot wallets are more vulnerable to attacks than cold wallets, which are kept offline.
The incident has raised fresh questions about the security practices of cryptocurrency exchanges. Regulators in several countries have been pushing for stricter oversight of the industry, and incidents like this are likely to add to that pressure.
CertiK's tracking of the stolen funds is part of a broader effort by security firms to monitor illicit crypto flows. The freezing of around $200 million suggests that some of the stolen assets have been identified and blocked, possibly with the help of other exchanges or law enforcement.
Bitget has not yet commented publicly on the revised figure. The exchange's users are waiting for more details on how the compensation will work and when they can expect to be made whole.
The breach is a reminder of the risks associated with keeping funds on cryptocurrency exchanges. Security experts generally advise users to keep only the funds they are actively trading on exchanges, and to store the rest in personal wallets.
Sources: CertiK via The Economic Times: Crypto exchange Bitget raises hack estimate to $387.5 million
Bitget first reported the breach on October 13, saying that losses were around $100 million. The exchange attributed the incident to a vulnerability in its hot wallet, which is used for day-to-day transactions and is connected to the internet.
CertiK, which tracks cryptocurrency security incidents, said on Saturday that Bitget had revised the figure to $387.5 million. The security firm also said that around $200 million of the stolen funds had been frozen, though it did not specify who had frozen them.
The revision makes the Bitget breach one of the largest cryptocurrency hacks of the year. The incident adds to a growing list of security breaches that have hit the crypto industry in 2026.
Bitget is one of the larger cryptocurrency exchanges, with millions of users worldwide. The exchange has said that it will compensate users affected by the hack, though details of the compensation plan have not been fully disclosed.
The hack targeted Bitget's hot wallet, which holds a portion of user funds for active trading. Hot wallets are more vulnerable to attacks than cold wallets, which are kept offline.
The incident has raised fresh questions about the security practices of cryptocurrency exchanges. Regulators in several countries have been pushing for stricter oversight of the industry, and incidents like this are likely to add to that pressure.
CertiK's tracking of the stolen funds is part of a broader effort by security firms to monitor illicit crypto flows. The freezing of around $200 million suggests that some of the stolen assets have been identified and blocked, possibly with the help of other exchanges or law enforcement.
Bitget has not yet commented publicly on the revised figure. The exchange's users are waiting for more details on how the compensation will work and when they can expect to be made whole.
The breach is a reminder of the risks associated with keeping funds on cryptocurrency exchanges. Security experts generally advise users to keep only the funds they are actively trading on exchanges, and to store the rest in personal wallets.
Sources: CertiK via The Economic Times: Crypto exchange Bitget raises hack estimate to $387.5 million
