Bitget CEO ‘not very optimistic’ on recovering funds from $388M breach

What happened

Speaking on Cointelegraph’s Chain Reaction released Tuesday, Bitget CEO Gracy Chen said she was looking at the February 2025 hack of crypto exchange Bybit as a “good reference point” for Thursday’s breach. Source: Cointelegraph Bitget launched a bounty program in response to the incident, offering 5% of funds frozen and 5% for those recovered.

The team behind NEAR Intents reported on Monday that it had blocked more than $50 million in assets tied to the attack and froze about $500,000. 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.

The CEO of crypto exchange Bitget isn’t sure that the company can fully freeze or recover all the assets compromised in a security breach last week that resulted in the loss of $388 million in crypto. Hackers stole about $1.5 billion worth of Ether (ETH) from Bybit, and the company reported only freezing and recovering a combined $80 million.

Bitget CEO Gracy Chen (left) speaking to Cointelegraph’s Ciaran Lyons (right). Some companies have already stepped up to try to mitigate user losses.

Key facts

• Speaking on Cointelegraph’s Chain Reaction — released: Tuesday, Bitget CEO Gracy Chen said she was looking at the February 2025 hack of crypto exchange Bybit as a “good reference point” for Thursday’s breach