Bitget CEO ‘not very optimistic’ on recovering funds from $388M breach
Gracy Chen said she saw the 2025 Bybit hack as a “good reference point” for Bitget’s security breach, noting that only a small percentage of funds had been frozen or recovered.
Bitget's CEO, Gracy Chen, expressed uncertainty about the company's ability to recover all the funds lost in a $388 million crypto security breach that occurred this week. Chen drew a comparison to the 2025 Bybit hack, where only $80 million of the $1.5 billion stolen in Ether (ETH) attacks had been frozen or recovered. Bitget launched a bounty program offering 5% of frozen and recovered funds to incentivize user protection.
Other companies have also contributed, with NEAR Intents freezing over $50 million and Tether and Circle blacklisting a wallet linked to the breach, securing $318,013 in USDt and USDC. This incident marks one of the largest breaches in 2026, following a $320 million attack on the Liquid Network in September. Chen mentioned North Korea as a potential perpetrator, based on IP addresses, but stated that Bitget had not ruled out a possible internal breach.
Bitget resumed withdrawals for users in stages, beginning with Bitcoin transactions on Monday and Ethereum on Tuesday.
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