Blockchain security firm BlockSec has reported that $387.5 million was stolen from Bitget, while less than $1 million of those funds has been frozen, according to the firm’s public disclosures. The figures represent one of the largest reported exchange security incidents in recent memory, though key details including the attack method, affected assets, and responsible party have not been established in BlockSec’s report.
BlockSec’s Reported $387.5 Million Theft Figure
BlockSec, a blockchain security and smart contract auditing firm, attributed the theft total of $387.5 million to an incident involving Bitget. The figure comes from BlockSec’s own monitoring and analysis, and has not been independently verified by a separate authoritative source at the time of writing. For related coverage, see Bitget Withdrawal Restart: BTC Open, ETH Scheduled.
Bitget had already signaled operational disruption ahead of this report. The exchange announced a phased restart of withdrawals, with Bitcoin withdrawals reopened and Ethereum withdrawals scheduled, pointing to a significant service disruption consistent with the scale of funds BlockSec has described. For related coverage, see Cyber Revolution Summit Saudi Arabia 2026.
It is important to treat the $387.5 million figure as BlockSec’s reported estimate, not a confirmed total. The research brief does not establish which assets were affected, how the funds were moved, or what on-chain evidence underpins the figure. Readers should watch for official statements from Bitget or corroborating analysis from additional security firms before treating the number as settled. For related coverage, see Cyber Revolution Summit Morocco 2026.
Less Than $1 Million Has Been Frozen
Against the reported $387.5 million stolen, BlockSec indicated that less than $1 million has been frozen. The gap between those two figures is stark: the frozen amount represents a fraction of a percent of the total reported theft, suggesting that the majority of the funds remain outside the reach of exchanges, law enforcement, or other freezing mechanisms at this stage. For related coverage, see CRYPTOCON SYDNEY RETURNS TO ICC SYDNEY WITH FREE GENERAL ADMISSION FOR 2026.
Frozen funds in crypto incidents are typically held through cooperation with exchanges that receive the stolen assets or through stablecoin issuers capable of blacklisting addresses. The absence of meaningful freezing so far does not rule out future recovery actions, but it does reflect how quickly stolen crypto can be dispersed across wallets and chains. BlockSec has not, based on available information, specified where the frozen funds are held or which party executed the freeze.
It is worth noting that frozen funds are distinct from recovered funds. Freezing immobilizes assets at a specific address or issuer level; recovery requires a further legal or technical process to return those funds to rightful owners. The current less-than-$1-million figure should not be characterized as a recovery total.
What the Reported Figures Do and Do Not Confirm
BlockSec’s report, as captured in the available evidence, establishes two specific data points: a theft figure of $387.5 million and a frozen amount below $1 million. The research brief does not provide the theft mechanism, a breakdown of stolen assets by token or chain, destination wallet addresses, transaction hashes, or a timeline of the incident.
Without on-chain data pointing to specific transactions, it is not possible to independently verify the $387.5 million figure through a block explorer. Reporting on this incident from other outlets and any official Bitget communications may provide the additional layer of confirmation that the current evidence does not supply. The broader market context for major assets remains a separate question from the exchange-level incident itself.
This article will be updated as verified information becomes available. The core facts at this stage are BlockSec’s two reported figures and the significant disparity between them, with all further incident detail pending confirmation.
Additional source references: source document 1, source document 2.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
