Bitget's CEO Uncertain About Recovering $388M in Stolen Crypto

Bitget's CEO Gracy Chen spoke to Cointelegraph about the recent security breach that resulted in the loss of $388 million in crypto. She expressed skepticism about recovering all of the stolen funds, citing a similar hack on Bybit in February 2025 that saw only $80 million recovered out of $1.5 billion stolen.

Chen stated that she's not 'very optimistic' about fully freezing or recovering all of the assets compromised in the breach, referencing the Bybit hack as a reference point for Bitget's own situation. She noted that even after a year, Bybit was only able to freeze 3.5% of the stolen funds.

Bitget has launched a bounty program offering 5% of frozen and recovered funds to encourage users to help mitigate losses. Several companies have already stepped up, including NEAR Intents which blocked over $50 million in assets tied to the attack and froze about $500,000. Tether and Circle also blacklisted a wallet linked to the exploit, freezing $318,013 in USDt (USDT) and USDC (USDC).