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Bitget CEO sees little likelihood of recovering many of the $388 million stolen from the change
Bitget CEO Gracy Chen mentioned she shouldn’t be very optimistic about freezing or recovering the $388 million in crypto stolen from the change in a breach late final week.
Chen made the remarks in an interview printed Tuesday, pointing to the February 2025 hack of Bybit as a reference level. Attackers took about $1.5 billion in Ether from Bybit, and the change has frozen and recovered a mixed $80 million within the 12 months since, about 3.5% of the stolen funds.
“I’m really not very optimistic as a result of after a 12 months or so of Bybit’s hack, they’ve solely [been able to freeze] about 3.5% of the full stolen funds,” Chen mentioned. She added that freezing shouldn’t be the identical as restoration: “That’s solely the freezing. It’s not about restoration but.”
Bitget first reported a lack of $352 million after the Thursday assault, then raised the determine to $388 million after a extra full accounting of transfers. The change suspended withdrawals and has resumed them in phases, beginning with Bitcoin on Monday and Ether on Tuesday.
In a publish on X asserting the change’s Restoration Bounty Program, Chen mentioned 5% of attacker funds frozen and 5% of funds recovered goes to whoever helps, with exchanges, safety researchers and onchain investigators eligible. A hint explorer for this system is dwell at hint.bgblockchain.xyz. She additionally thanked Tether and Circle for blacklisting a pockets tied to the exploit, which froze $318,013 in USDT and USDC.
The NEAR Intents staff mentioned Monday it had blocked greater than $50 million in belongings tied to the assault and frozen about $500,000. Blocked belongings are held from transferring, which isn’t the identical as frozen or returned.
Chen mentioned a DPRK-linked group could have been accountable, citing IP addresses that match the VPN selections of such a bunch, and pressured the attribution is preliminary. She mentioned preliminary investigation outcomes dominated out an inside job, whereas noting Bitget had not completely dominated the chance out.
The breach is among the many largest crypto assaults of 2026, following a $320 million exploit of the Liquid Community in September.
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