Bitget CEO Dashes Hopes for Full Recovery of $388M Breach Losses

Bitget's CEO Gracy Chen expressed skepticism about recovering $388 million in losses from last week's security breach, citing the example of Bybit's February 2025 hack. In that incident, only a small fraction of stolen funds were frozen and recovered.

Chen noted that even with active incident response and coordination with ecosystem partners, freezing and recovery are not guaranteed once funds are routed through multiple wallets or moved beyond exchange controls.

Bitget has implemented a bounty program to accelerate mitigation efforts, offering 5% of frozen funds and an additional 5% for recovered assets. The exchange has also resumed withdrawals in stages, beginning with BTC on Monday and ETH on Tuesday.