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Business

Bitget chief doubts much of the $388m stolen in hack will be recovered

Bitget CEO Gracy Chen says she is 'not very optimistic' about recovering much of the roughly $388m stolen in the exchange's 24 September hack, with withdrawals resuming in phases this week.

By Priya Raman · · 1 min read

Illustration: Flip News

Bitget chief executive Gracy Chen says she is “not very optimistic” about recovering much of the roughly $388m stolen from the crypto exchange’s hot wallets in a 24 September hack, citing Bybit’s $1.5bn breach in February 2025 as a benchmark.

Speaking on Cointelegraph’s Chain Reaction podcast, Chen noted Bybit had frozen or recovered only about $80m — around 3.5% of the total stolen — while TradingView reported that none of it has actually been recovered.

Bitget initially put its loss at $351.6m, but revised the figure to $387.5m after accounting for additional transfers on Zcash and Tron. Security firm SlowMist traced the earliest malicious activity to 31 August, when an attacker exploited a zero-day vulnerability in a third-party security product.

Withdrawals are resuming in phases: Bitcoin withdrawals were restored on Monday, Ether follows on Tuesday and Tether’s USDT on Wednesday, with all other tokens and peer-to-peer services due back on Friday. Bitget’s Protection Fund now stands at $309m.

The exchange is offering 5% of frozen funds and 5% of recovered funds as bounties. North Korean hackers were the main suspect based on preliminary IP address evidence, though Chen had not ruled out other possibilities.

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