Bitget CEO: Not expecting to recover much of $388 million hack funds
Cryptocurrency exchange Bitget CEO Gracy Chen estimates that only a small portion of the nearly $388 million stolen in a recent cyberattack will be recovered.
Approximately $1.1 million of the nearly $388 million stolen from cryptocurrency exchange Bitget in a recent cyberattack has been frozen, CEO Gracy Chen told CNBC.
Chen indicated that the exchange does not expect to recover a significant amount of the stolen funds, citing limited recoveries in previous cryptocurrency hacks. However, Bitget has replenished its protection fund, used to cover losses from the attack, back up to over $300 million using its own reserves.
The attackers exploited vulnerabilities in two third-party security products to gain access to Bitget's systems, bypassing normal withdrawal processes without stealing private keys. Chen declined to name the vendors of the affected products due to potential security risks.
Bitget has stated that user account balances were unaffected by the breach. Withdrawals for bitcoin, ether, and USDT have resumed, with other cryptocurrencies, fiat, and peer-to-peer services scheduled to restart on Friday.