Bitget CEO Says Exchange Does Not Expect to Recover Much of $388 Million Hack
The crypto exchange has frozen only a small fraction of the $387.5 million stolen in last week's breach, even as it restores much of its protection fund.
Written by EGazette’s AI. The facts are drawn from cited sources; the analysis is the AI’s own.
Bitget's chief executive told CNBC that the cryptocurrency exchange does not expect to recover a significant portion of the roughly $388 million stolen in a hack last week, even as the company works to stabilize its finances in the aftermath.
According to the exchange, only a small fraction of the $387.5 million taken by attackers has been frozen so far, underscoring the difficulty exchanges face in tracing and recovering funds once they are moved through decentralized networks and mixing services.
Despite the limited recovery, Bitget said it has restored much of the protection fund it maintains to cover user losses in the event of a security breach, a step intended to reassure customers that their holdings remain protected even if the stolen funds are never fully recovered.
The incident adds to a string of high-profile hacks that have hit cryptocurrency exchanges in recent years, renewing scrutiny of the security practices used by platforms that hold large pools of digital assets on behalf of customers. Blockchain analytics firms have increasingly been enlisted to trace stolen funds across multiple wallets, though recovery rates vary widely from case to case.
Bitget has not disclosed the exact method used by the attackers to carry out the breach. The exchange said it continues to work with investigators and security firms in an effort to track the movement of the remaining funds.
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