Bitget CEO Warns of Limited Recovery After $387.5 Million Cyberattack

Bitget, a major cryptocurrency exchange, suffered a massive cyberattack in September that resulted in the theft of approximately $387.5 million. The exchange's CEO, Gracy Chen, revealed that only a limited portion of the stolen funds may be recoverable.

The attackers exploited a vulnerability in a third-party security product, allowing them to access Bitget's production wallet systems. Chen stated that the exchange does not expect to recover a large portion of the funds involved in the scam.

Despite the significant loss, Bitget has maintained that user account balances remained unaffected throughout the incident. The exchange has replenished its Protection Fund above $300 million and restored all previously suspended withdrawal services.