Bitget Raises Hack Loss to $387.5M After Finding More Zcash and TRON Assets
Zcash (ZEC)
Editor:
Eugene Serbin
According to thecurrencyanalytics.com, Bitget has increased its estimated loss from a September 24 breach to $387.5 million after tracing identified additional Zcash and TRON assets. The unauthorized transfers from hot wallets were detected at 18:31 UTC on September 24, prompting an immediate suspension of withdrawals while deposits and trading continued. Security firms Mandiant and SlowMist are investigating the vulnerability, which has since been patched.
To aid recovery, Bitget launched a program offering 5% of frozen funds and 5% of voluntarily returned assets as bounties, covering actions taken before the announcement. Bybit CEO Ben Zhou confirmed his exchange is assisting by updating the LazarusBounty platform, referencing the Lazarus Group linked to the theft. Bitget maintains that customer balances are accurate and holds a User Protection Fund of over $464 million to cover potential shortfalls.
The exchange planned to announce a withdrawal resumption plan by September 26 at 04:00 UTC, though actual resumption remains pending system validation. A real-time tracing dashboard and API provide data on attacker addresses to help industry participants monitor fund movements. Zcash assets present specific challenges due to their privacy features, complicating standard blockchain analytics efforts. The narrow margin between the $387.5 million loss and the $464 million fund highlights the importance of successful recovery efforts.
How the market reacted
Whalio's own Binance spot order flow for ZEC, measured when this story was written up on 26 September 2026. Not the outlet's figures.
Zcash is trading at $1,555.69 with a 24-hour spot volume of $313,171,884 across 600,811 trades. The 24-hour buy ratio stands at 52.8%, indicating that buyers controlled slightly more than half of the volume over the full day. However, the 1-hour buy ratio dropped to 43.8%, showing that buying pressure weakened significantly in the most recent hour compared to the daily average. The 1-hour volume delta was negative at -$494,971, contrasting with a positive 4-hour delta of +$2,006,998. This shift suggests that while net buying accumulated over the longer timeframe, immediate selling pressure emerged in the short term. The cumulative volume delta for the 24-hour period remains strongly positive at +$13,355,606, confirming that buyers dominated the session overall.
The latest daily buy ratio of 52.9% sits at the 82nd percentile of the last 322 days, against a median of 50.2% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for ZEC, averaged over the days leading up to the story.
Over the preceding week, Zcash saw a 7-day average buy ratio of 50.6%, with the latest day showing a 2.2 percentage point increase over that average. This indicates a slightly more bullish sentiment today compared to the weekly norm, though the 24-hour volume was only 0.77 times the average, suggesting lower participation. The coin experienced a 0.4% price decrease over eight days, with a total volume delta of +$49,578,120 recorded for the period. Net buying occurred on four of the seven days, reflecting intermittent rather than consistent demand. This represents an ordinary trading day with marginally improved buy ratios but subdued volume relative to the weekly baseline.