Bitget CEO Dashes Hopes for Full Recovery After $388M Breach

Bitget's CEO, Gracy Chen, expressed skepticism about recovering the full $388 million lost in a recent security breach. The incident is one of the largest crypto attacks of 2026.

The Bybit hack of 2025 serves as a benchmark for the recovery effort, with only 3.5% of stolen funds frozen after roughly a year. Chen does not seem optimistic about Bitget's chances of recovering all the assets.

In an attempt to recover some of the funds, Bitget launched a bounty program offering 5% of frozen funds and another 5% for recovered funds. The team behind NEAR Intents blocked more than $50 million tied to the attack and froze about $500,000. Tether and Circle also blacklisted a wallet linked to the exploit, freezing $318,013 in USDT and USDC.