Bitget CEO Says Exchange Doesn't Expect to Recover Much of $388 Million Lost in Hack

Cryptocurrency exchange Bitget does not expect to recover a significant portion of the roughly $388 million lost in a hack last week, its chief executive told CNBC, even as the company works to shore up its finances in the aftermath.

The exchange has managed to freeze only a small fraction of the $387.5 million in digital assets stolen during the breach, according to the report. Bitget has nonetheless moved to restore much of its protection fund, a reserve typically used by exchanges to cover losses from hacks or operational failures and reassure users and depositors.

Details on how the hackers carried out the breach, and whether any suspects have been identified, were not disclosed in the report. Large-scale thefts from cryptocurrency exchanges and platforms have remained a persistent problem across the industry, with hundreds of millions of dollars in digital assets stolen annually despite advances in security practices.

Bitget has not said whether it plans to compensate affected users directly or how the incident might affect its operations going forward.