Gracy Chen, CEO of crypto exchange Bitget, has voiced her doubts regarding the recovery of assets lost in a recent security breach totaling $388 million. In an interview with Cointelegraph, she cited the 2025 Bybit hack as a cautionary example, where only a small fraction of stolen funds were successfully frozen or recovered.
Following the breach, Bitget initiated a bounty program, offering rewards for freezing and recovering stolen assets. Chen highlighted that while some companies have already made efforts to mitigate losses, the overall outlook remains grim. The NEAR Intents team reported blocking over $50 million in assets related to the attack.
Chen also speculated on the potential perpetrators of the breach, suggesting that North Korean hackers might be involved, based on preliminary investigation results. However, she noted that the possibility of an inside job has not been completely ruled out.
As Bitget resumes withdrawals, starting with Bitcoin and followed by Ethereum, the exchange faces significant challenges in addressing the fallout from one of the largest hacks in the crypto industry to date.