Bitget 'not expecting to recover a lot' from $388 million hack, CEO tells CNBC
Bitget has frozen a tiny fraction of the $387.5 million stolen in last week’s hack, and restored much of its protection fund.
TL;DR
- Approximately $1.1 million of the nearly $388 million stolen from Bitget has been frozen.
- CEO Gracy Chen has low expectations for recovering a significant portion of the stolen funds.
- Bitget restored its protection fund, valued at over $464 million before the theft, to over $300 million using its own capital.
- User account balances remain unaffected, and the exchange has absorbed the financial impact.
- The hack involved compromising two third-party security products, exploiting a zero-day vulnerability.
- Attackers used sophisticated methods to bypass withdrawal processes and delete traces.
- Withdrawals for bitcoin, ether, and USDT have resumed; others are scheduled to resume Friday.