Bitget Hacked for $350M: CEO Claims Exchange Can Absorb Loss

Bitget, a popular cryptocurrency exchange, was hacked on September 24, resulting in the theft of approximately $350 million. In response to the incident, CEO Gracy Chen stated that the exchange can absorb this loss and manage any potential surge in withdrawals when they resume.

Chen compared Bitget's retail trading volume to Bybit's, suggesting that if Bybit could withstand a $1.5 billion loss, then Bitget should be able to handle a loss of over $300 million. This assessment is based on the assumption that both exchanges have similar levels of liquidity and market activity.

Certain public chains have frozen the stolen funds, while recovery efforts continue. However, Chen does not expect a full recovery from the hack.