Bitget CEO cautious on recovering $388 million after major breach

Bitget CEO Gracy Chen said the exchange is not very optimistic about recovering much of the roughly $388 million stolen in its Sept. 24 security breach. Bitget revised its estimate to $387.5 million after tracing additional transfers involving Zcash and Tron.

Chen pointed to the 2025 Bybit hack as a reference for recovery prospects. Bybit said about $42.9 million of exploited funds had been frozen, while nearly $43 million in tokens was separately recovered. Chen said professional attackers can quickly move and obscure stolen crypto, limiting the amount that can ultimately be recovered.

Bitget said some affected assets have already been frozen through cooperation with exchanges, blockchain projects and security firms. However, the exchange has not disclosed a confirmed recovery total. Its $464 million-plus Protection Fund is set to cover the financial impact, while BTC withdrawals resumed Sept. 28 and other assets are returning in phases.