GoKawiilBitget CEO says exchange recovers only $1.1M of $388M hack
Bitget CEO Gracy Chen told CNBC that only about $1.1 million of the nearly $388 million stolen in last week's hack has been frozen, and she does not expect to recover much more, citing low recovery rates from past exchange hacks. Chen said user account balances were unaffected and that Bitget replenished its protection fund, which had been drawn down from over $464 million to below $200 million, using the company's own capital.
GoKawiil's interpretation of the reporting above, not reported fact.
The exchange's willingness to absorb losses rather than pass them to users could be read as an attempt to preserve customer trust after a major breach, though Chen's own admission that recovery is unlikely underscores how difficult it remains to claw back stolen crypto funds industry-wide. Independent investigations by Mandiant and SlowMist into the attack's cause suggest scrutiny of Bitget's security practices will continue.
- Only roughly $1.1 million of the $388 million stolen has been frozen so far.
- Bitget replenished its protection fund to over $300 million using its own capital, not customer reserves.
- CEO Gracy Chen says she doesn't expect significant further recovery, based on precedent from past hacks.
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See Ledger Nano X Hardware Wallet on Amazon → Affiliate link — we may earn a commission on purchases, at no extra cost to you. Product picked by AI based on this article; it is not a tested recommendation.Source: cnbc.com — Matthew Tan, 2026-10-02
Published there as: “Bitget 'not expecting to recover a lot' from $388 million hack, CEO tells CNBC”
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