Bitget CEO ‘not very optimistic’ on recovering funds from $388M breach
Bitget said it is unlikely to fully freeze or recover all assets lost in last week’s breach, which took about $388 million in crypto. CEO Gracy Chen pointed to Bybit’s 2025 hack as a benchmark, noting that only a small fraction of stolen funds were ever frozen there after a year. Bitget launched a bounty program offering 5% of any funds frozen and 5% of any funds recovered. Some assets have already been blocked, including more than $50 million flagged by NEAR Intents and $318,013 frozen by Tether and Circle in a linked wallet. Chen said preliminary investigation points away from an inside job and suggested a possible North Korea link, though the case remains under review. Bitget has begun restoring withdrawals in stages, starting with Bitcoin and then Ethereum.
