Bitget Launches Bounty Program for Recovering Stolen Funds
Written with artificial intelligence.
Bitget has introduced a bounty program offering rewards for freezing and recovering stolen funds following a recent attack that resulted in a loss of approximately $351.6 million. The program incentivizes exchanges, security researchers, and on-chain investigators to assist in tracking and reclaiming the stolen assets.
Bounty Program Details
On September 26, Bitget CEO Gracy Chen announced the launch of a bounty program designed to facilitate the recovery of funds stolen during a recent security breach. The program offers a 5% reward for anyone who can help freeze the attacker’s funds and an additional 5% for successfully retrieving the stolen assets.
Chen emphasized the importance of collaboration, urging exchanges, security researchers, and on-chain investigators to participate in tracking and recovering the stolen funds. She also expressed gratitude to Circle and Tether for their prompt actions in freezing the relevant accounts.
Background of the Attack
Prior reports indicated that Circle and Tether had frozen 218,023 USDT and 99,990 USDC associated with the breach, amounting to approximately $318,000. The total loss from the attack is estimated at around $351.6 million. The attackers reportedly gained access to the wallet service's backend system, forged transaction information, and triggered authorization processes, with no evidence of private key leakage identified.