Bitget CEO Pessimistic About Recovering Stolen Funds Amid $388M Breach

Bitget CEO Gracy Chen expressed doubt about recovering all funds lost in the recent security breach, which saw $388 million in crypto assets stolen. She compared the incident to a similar breach that occurred at Bybit in February 2025, where hackers stole around $1.5 billion worth of Ether (ETH) and only managed to freeze and recover $80 million.

Chen stated that she was 'not very optimistic' about recovering all stolen funds due to the limited success rate of similar breaches in the past. Bybit's breach, for example, had only around 3.5% of the total stolen funds frozen after a year.

Despite these concerns, Bitget has launched a bounty program offering 5% of funds frozen and 5% for those recovered. Some companies have already stepped up to help mitigate user losses, including NEAR Intents which blocked over $50 million in assets tied to the attack.