Bitget CEO 'not very optimistic' about recovering $388M lost in breach
In brief
- Bitget CEO Gracy Chen doubts the exchange can fully recover roughly $388 million lost in last week's breach.
- Bybit's February 2025 hack is a "good reference point" for Bitget's recovery outlook, Chen said.
- Tether and Circle froze $318,013 in USDT and USDC; NEAR Intents froze about $500,000.
- Chen suspects a North Korean group but hasn't "totally ruled out" an inside job.
The Bybit benchmark
Hackers stole about $1.5 billion worth of Ether from Bybit, and the exchange reported freezing and recovering a combined $80 million. Chen pointed to that outcome when she was asked about Bitget's own chances on the show.
“I’m actually not very optimistic because after a year or so of Bybit’s hack, they’ve only [been able to freeze] about 3.5% of the total stolen funds,” said Chen.
What's been frozen so far
Bitget has launched a bounty program offering 5% of funds frozen and 5% of funds recovered. The NEAR Intents team reported on Monday that it had blocked more than $50 million in assets tied to the attack and froze about $500,000. Chen also confirmed that stablecoin issuers Tether and Circle blacklisted a wallet linked to the exploit, freezing $318,013 in USDT and USDC, according to Cointelegraph.
Put together, that's still a small slice of a $388 million loss.
A revised figure and open questions on attribution
The number itself has moved. Bitget initially reported losing $352 million in digital assets and suspended withdrawals after the Thursday attack; Chen later updated the incident report to reflect a "more complete accounting of transfers," putting the loss at about $388 million. Withdrawals are now resuming in stages (Bitcoin on Monday, ETH on Tuesday).
Who's behind it isn't settled. Right after the attack, Chen said North Korea may have been responsible, citing IP addresses that match the VPN choices of a certain DPRK group. She added that Bitget hasn't "totally ruled out" the possibility of an inside job.
Cointelegraph described the breach as one of the largest to hit crypto in 2026, following a $320 million exploit of the Liquid Network in September. Bybit's 2025 hack remains the benchmark, and it's joined on the list of major attacks by the $615 million Ronin Bridge hack in 2022 and the $611 million Poly Network hack in 2021.
Frequently asked questions
How much of the Bitget breach has been frozen so far?
The NEAR Intents team reported blocking more than $50 million in assets tied to the attack and freezing about $500,000. Chen confirmed Tether and Circle blacklisted a linked wallet, freezing $318,013 in USDT and USDC. Bitget puts the total loss at about $388 million.
Who was behind the Bitget hack?
It hasn't been confirmed. Right after the attack, Chen said North Korea may have been responsible, citing IP addresses matching the VPN choices of a certain DPRK group. She also said Bitget hasn't totally ruled out an inside job.
Why did Bitget's reported loss change from $352 million to $388 million?
Bitget initially reported losing $352 million and suspended withdrawals. Chen later updated the incident report to reflect a more complete accounting of transfers, which put the loss at about $388 million.
