The CEO of Bitget, Gracy Chen, acknowledged that she is not optimistic about recovering the $388 million lost in the security breach recorded last week.
In statements to Cointelegraph‘s *Chain Reaction* podcast, Chen pointed to the Bybit hack of February 2025 as “a good benchmark”: that attack involved the theft of approximately $1.5 billion in ETH, and the exchange managed to freeze or recover only $80 million, equivalent to 3.5% of the total stolen.
$388M gone. @Bitget CEO @GracyBitget believes a North Korean-linked group was behind the hack. She joins #CHAINREACTION LIVE to answer it all:
Was it an inside job?
Will the funds ever be recovered?
Is user data safe?
Where does Bitget go from here?No dodging. pic.twitter.com/dN9gRCXYHz
— Cointelegraph (@Cointelegraph) September 29, 2026
In response to the incident, Bitget launched a bounty program that offers 5% on frozen funds and an additional 5% on recovered funds. The NEAR Intents team reported having blocked more than $50 million linked to the attack and frozen approximately $500,000.
Stablecoin issuers Tether and Circle also blacklisted a wallet associated with the exploit, immobilizing $318,013 in USDT and USDC combined.
Regarding those responsible, Chen indicated that North Korea is the main suspect based on preliminary IP addresses, although she did not rule out the possibility of an inside attack. Bitget began restoring withdrawals in a phased manner starting yesterday.
Source: https://x.com/Cointelegraph/status/2104919120990859527
Disclaimer: Crypto Economy Flash News are based on verified public and official sources. Their purpose is to provide fast, factual updates about relevant events in the crypto and blockchain ecosystem.
This information does not constitute financial advice or investment recommendation. Readers are encouraged to verify all details through official project channels before making any related decisions.
