Bitget CEO Concedes $388M Recovery 'Unlikely' After Massive Crypto Hack
Bitget's CEO Gracy Chen has said that recovering all $388 million in crypto assets stolen during last week's security incident is unlikely. The company was hit by a major hack, which saw millions of dollars worth of Bitcoin, Ether, and other cryptocurrencies stolen.
Despite the severity of the breach, Bitget has been working to mitigate the damage. They have created reward programs that offer 5% of frozen funds and 5% of recovered funds. Additionally, NEAR Intents said it intercepted more than $50 million linked to the attack and froze about $500,000.
Tether and Circle also took action, blacklisting wallets tied to the incident and freezing $318,000 worth of USDT and USDC. Chen stated that the initial findings of the investigation may match a virtual private network address used by North Korea-linked groups, but Bitget has not ruled out internal involvement.
Restoration efforts are underway, with Bitcoin trading resuming on Monday and Ether trading scheduled to resume on Tuesday. The incident serves as a stark reminder of the risks associated with cryptocurrency storage and the importance of robust security measures.