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BTC 
ETH Bitget CEO: Little hope of recovering $388 million in stolen cryptocurrency
Bitget CEO Gracy Chen said she is not optimistic about freezing or recovering the $388 million in cryptocurrency lost in last week's security breach.
Chen made the above remarks in an interview released on Tuesday, citing the hacking attack on Bybit in February 2025 as an example. At the time, attackers stole approximately $1.5 billion in Ether from Bybit. In the more than a year since then, Bybit only froze and recovered a total of $80 million, accounting for about 3.5% of the stolen funds.
"To be honest, I'm not optimistic about this. Because more than a year after Bybit was hacked, they were only able to freeze about 3.5% of the total stolen funds." Chen said. She added that freezing funds is not the same as recovery: "This is only the freezing stage and has not yet entered the substantive recovery stage."
Bitget initially reported a loss of $352 million after Thursday's attack, but later revised the loss to $388 million after a more comprehensive accounting of transfer records. The exchange suspended the withdrawal service and resumed the withdrawal function in phases starting on Monday, with Bitcoin first restored and Ethereum withdrawals on Tuesday.
When Chen announced the launch of the "Bitget Recovery Reward Program" on Platform X (formerly Twitter), he pointed out that anyone who helps freeze attackers 'funds will receive a reward of 5% of the frozen funds; anyone who helps recover funds will receive a reward of 5% of the recovered funds. Eligible participants include other exchanges, security researchers and on-chain investigators. The program's tracking browser has been launched on designated domain names. She also thanked Tether and Circle for blacklisting wallet addresses related to the exploit, a move that successfully froze USDT and USDC worth $318,013.
The NEAR Intentions team said on Monday that it had blocked more than $50 million in asset flows related to the attack and froze approximately $500,000. It should be emphasized that "preventing movement" and "freezing" or "returning" are two different concepts. The former only refers to restricting the transfer of assets, not ownership change or return.
Regarding the source of the attack, Chen cited evidence consistent with the IP address characteristics of a North Korean (DPRK-related organization, speculating that the organization may have participated in the attack, but stressed that this attribution is still in its preliminary stage. She said that preliminary investigation results ruled out the possibility of insider crimes, but admitted that Bitget had not completely ruled out this possibility.
This incident is one of the largest cryptocurrency attacks in 2026. Previously, the Liquid network suffered a $320 million hack in September.
