Bitget CEO Pessimistic on Full Recovery from $388M Hack
Bitget's CEO Gracy Chen expressed uncertainty about recovering from the recent $388 million security breach. Speaking to Cointelegraph, she cited Bybit's February 2025 hack as a cautionary benchmark, where an attacker took approximately $1.5 billion in Ether but Bybit was only able to freeze and recover around $80 million.
Chen stated that Bitget is 'not very optimistic' about fully freezing or recovering stolen funds from the breach. She emphasized that even after extended time and effort, the effectiveness of freezes can be limited.
External security responses have already reported activity linked to Bitget-related thefts, including blocking assets and small amounts of additional freezes. Tether and Circle reportedly blacklisted a wallet associated with the exploit, freezing $318,013 in USDT and USDC.