Bitget Freezes $1.1 Million of Stolen Funds, Recovery Hopes Dashed

Bitget, a cryptocurrency exchange, has frozen around $1.1 million of the nearly $388 million stolen in a cyberattack last week. According to CNBC, the frozen assets have not necessarily been returned to the exchange, and the company did not disclose the amount of funds already recovered.

Bitget CEO Gracy Chen stated that she does not expect a significant portion of the stolen assets to be recovered, citing limited recovery results following previous hacks of cryptocurrency exchanges. Chen noted that user account balances were not affected by the attack.

The exchange's protection fund, which was valued at over $464 million before the attack, fell to less than $200 million afterward, according to Bloomberg's calculations. However, Bitget restored the fund to over $300 million using its own capital.