Bitget's $388M Losses Recovery Chances Look Slim, Says CEO
Bitget's CEO Gracy Chen expressed doubts about recovering losses from last week's security breach, which has updated the total loss to $388 million. This development comes after the company initially reported a loss of $352 million.
In an interview with Cointelegraph's Chain Reaction, Chen referred to Bybit's February 2025 hack as a reference point. She noted that even after a year, only about 3.5% of the stolen funds had been frozen in the Bybit breach.
Bitget has launched a bounty program offering 5% for frozen funds and an additional 5% for recovered assets. The exchange also resumed withdrawals in stages, beginning with BTC on Monday and ETH on Tuesday, after initially pausing them due to the incident.
Chen emphasized that attribution remains under investigation, but suspects North Korea may be behind the attack based on 'IP addresses that match the VPN choices by a certain [Democratic People's Republic of Korea] group.'