Bitget CEO 'not very optimistic' about recovering $388 million lost in breach
Cointelegraph reports Bitget CEO Gracy Chen doubts the exchange can freeze or recover the $388 million lost in last week's breach, citing Bybit's limited 2025 recovery.
Why it matters
Bitget has not said how much of the $388 million it can freeze or recover, and the CEO's own benchmark points to a small share. The bounty program and the blocking work described by NEAR Intents are the only recovery steps Cointelegraph reported, and the loss to users remains open.
Where the sources disagree
Share of Bybit's stolen funds that was frozen or recovered
about 3.5% frozen, per Gracy Chen
Cointelegraph
$80 million combined frozen and recovered out of about $1.5 billion, per Bybit as reported by Cointelegraph
Cointelegraph
Cointelegraph reports Bybit froze and recovered a combined $80 million out of about $1.5 billion stolen, while Chen, in the same outlet's coverage, put the frozen share at about 3.5%.
Key facts
CEO Gracy Chen said she is not confident Bitget can fully freeze or recover the compromised assets.
Reported by Cointelegraph
Hackers stole about $1.5 billion worth of Ether from Bybit in February 2025.
1,500,000,000 USDDisputed figureReported by Cointelegraph
Bybit reported freezing and recovering a combined $80 million after the February 2025 hack.
80,000,000 USDDisputed figureReported by Cointelegraph
Chen said only about 3.5% of the funds stolen from Bybit had been frozen, and that recovery had not begun.
3.5 %Disputed figureReported by Cointelegraph
Bitget launched a bounty program offering 5% of funds frozen and 5% of funds recovered.
5 %Reported by Cointelegraph
The team behind NEAR Intents said it had blocked more than $50 million in assets tied to the attack.
50,000,000 USDReported by Cointelegraph
The team behind NEAR Intents said it froze about $500,000 in assets tied to the attack.
500,000 USDReported by Cointelegraph
What happened
Cointelegraph reports that Bitget lost $388 million in crypto in a security breach last week, and that CEO Gracy Chen, speaking on the outlet's Chain Reaction show released Tuesday, said she doubts the company can fully freeze or recover the compromised assets. Chen pointed to the February 2025 hack of Bybit as a comparison, which Cointelegraph reported involved about $1.5 billion in Ether stolen, against a combined $80 million that Bybit froze and recovered. On that record, Chen put the frozen share at about 3.5% of the total stolen and said recovery had not started. Bitget has opened a bounty program offering 5% of funds frozen and 5% of funds recovered. The team behind NEAR Intents told Cointelegraph on Monday that it had blocked more than $50 million in assets tied to the attack and froze about $500,000. Only Cointelegraph has reported Chen's comments, and the coverage given to the desk contains no figure from Bitget on how much of the $388 million it expects to recover.
How the story developed
- Update
NEAR Intents blocks more than $50 million tied to the attack
The team behind NEAR Intents reported the blocking and the freezing of about $500,000 on Monday.
- First report
First report by Cointelegraph
Bitget CEO ‘not very optimistic’ on recovering funds from $388M breach
- Official statement
Bitget launches bounty program for frozen and recovered funds
The program offers 5% of funds frozen and 5% of funds recovered.
- Official statement
Gracy Chen says she is not very optimistic about recovering the funds
The CEO made the comments on Cointelegraph's Chain Reaction, released Tuesday, citing the February 2025 Bybit hack as a reference point.
Affected entities
Also mentioned: Circle, Liquid Network
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Cointelegraph Crypto media | Bitget CEO ‘not very optimistic’ on recovering funds from $388M breach | Original |
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