Bitget CEO Doubts Full Recovery of $388M from Recent Security Breach
- Bitget suffered a security breach resulting in the loss of approximately $388 million in cryptocurrency.
- CEO Gracy Chen referenced the February 2025 Bybit hack, where only about $80 million was recovered from a total theft of $1.5 billion worth of Ether (ETH).
- Chen expressed skepticism about recovering stolen funds, noting that Bybit managed to freeze only about 3.5% of its stolen assets after a year.
- In response to the breach, Bitget initiated a bounty program offering rewards for frozen and recovered funds.
- Stablecoin issuers Tether and Circle blacklisted a wallet linked to the exploit, freezing over $318,000 in USDt (USDT) and USDC.
The incident is among the largest breaches in the crypto sector this year, following other significant hacks like the $320 million exploit of Liquid Network in September. Bitget has started resuming withdrawals for users gradually.
With only a fraction of stolen assets likely recoverable based on past incidents, Bitget’s situation underscores ongoing vulnerabilities in cryptocurrency exchanges amid rising cyber threats.
