Bitget CEO Downplays Expectations for Recovering Stolen Funds
Crypto exchange Bitget has been reeling from a massive $388 million hack last week, with the platform's CEO Gracy Chen stating that they 'are not expecting to recover a lot of funds'.
Approximately $1.1 million of the stolen assets has been frozen, but Chen clarified that this does not necessarily mean the funds have been returned to the exchange.
The platform's protection fund, valued at over $464 million before the theft, was drawn down to below $200 million following the hack but has since been restored to over $300 million.
Bitget's latest Proof of Reserves shows a self-reported overall reserve ratio of 131%, with all 19 covered assets backed above 100%.
Investigation reports from Mandiant and SlowMist found that the attackers compromised two third-party security products before gaining access to Bitget's production wallet systems.
Chen stated that the attackers' method was 'quite sophisticated,' adding that they deleted traces after transfers to hinder the investigation.