Bitget CEO Sees Limited Prospects for Recovering $388M Breach Funds
Gracy Chen pointed to Bybit’s recovery record as a benchmark, while Bitget has offered rewards for frozen and recovered assets.
Bitget CEO Gracy Chen said the exchange faces limited prospects of recovering the full $388 million lost in a security breach, making the incident one of the largest crypto attacks of 2026.
Chen pointed to Bybit’s 2025 hack as a benchmark for the recovery effort. About 3.5% of the funds stolen from Bybit had been frozen after roughly a year, she said, adding, “I’m actually not very optimistic” about Bitget’s ability to recover all the assets.
Bitget launched a bounty program offering 5% of funds frozen and another 5% for funds recovered. The team behind NEAR Intents blocked more than $50 million 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 and USDC. Bitget began resuming withdrawals in stages, starting with Bitcoin (BTC) transactions Monday and Ether (ETH) transactions Tuesday.
