Bitget CEO Warns Recovery of $388M Hack Losses May Be Elusive

The CEO of Bitget, Gracy Chen, expressed skepticism about recovering $388 million in funds stolen from the exchange due to a security breach. Chen referenced last year's Bybit hack, which involved $1.5 billion, noting that even after a year, frozen funds account for only around 3.5% of the total damage and have not been recovered.

The recent hack is Bitget's first in eight years, with Chen attributing it to a third-party vulnerability. Attackers allegedly swapped $351.6 million worth of stolen Ethereum (ETH) for Bitcoin (BTC) through THORChain.

Bitget has resumed withdrawal functionality, starting with BTC withdrawals on the 28th and planning to normalize services sequentially by asset. The exchange is offering a 5% bounty to parties assisting in freezing and recovering the stolen funds, but Chen's comments suggest that actual recovery rates may remain low.