Bitget CEO Gracy Chen said she is not very optimistic about recovering funds lost in the exchange's $388 million security breach, noting that only a small share has been frozen or recovered. She pointed to the 2025 Bybit hack as a useful reference point for the situation.
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In remarks reported by Cointelegraph on Sept. 29, Bitget CEO Gracy Chen said she was "not very optimistic" about recovering funds tied to a $388 million security breach at the cryptocurrency exchange. Chen indicated that only a small percentage of the affected funds had been frozen or recovered so far. The comments frame the breach as a significant loss event rather than a case in which most assets have already been secured. Bitget has not, according to the report, presented a full recovery as likely.
Chen described the 2025 Bybit hack as a "good reference point" for Bitget’s breach, according to the report. That comparison matters because Bybit’s incident was one of the most closely watched exchange security events in recent years, involving large-scale outflows and a multi-jurisdiction recovery effort. By citing it, Chen suggests Bitget’s recovery challenge may follow a similarly difficult path, where tracing and freezing assets takes time and yields limited results. The reference also places Bitget’s situation within a broader pattern of major exchange breaches rather than treating it as an isolated event.
Recovering stolen cryptocurrency generally depends on tracing assets across wallets and exchanges, then coordinating with platforms, law enforcement, and sometimes blockchain analysts to freeze them. Because blockchain transfers are irreversible once confirmed, recovery is not automatic even when transactions can be followed. If funds are moved through multiple addresses or converted into other assets, the number of parties that must cooperate increases. Chen’s statement that only a small percentage has been frozen or recovered illustrates how those obstacles can limit outcomes for affected users and the exchange.
A $388 million breach is material for any exchange, affecting not only the assets taken but also customer confidence, operational costs, and regulatory attention. Exchanges often face questions about reserve management, custody practices, and user compensation after a security failure. The limited recovery prospects described by Chen mean the final financial impact may depend on how Bitget accounts for the loss and whether any insurance or internal reserves are used. The episode also adds to pressure on the industry to strengthen security standards as regulators scrutinize crypto market infrastructure.
Chen said she is not very optimistic about recovering the funds and noted that only a small percentage had been frozen or recovered, according to Cointelegraph. Her comments suggest the exchange expects a difficult recovery process rather than a full return of assets.
Chen called the 2025 Bybit hack a "good reference point" for Bitget’s security breach. That comparison highlights how major exchange incidents can involve complex, multi-party recovery efforts with limited success.
It means most of the affected assets have not been secured through freezes or recovery actions so far. In crypto breaches, tracing and recovering funds can be slow and uncertain because transfers are irreversible and assets may move across many platforms.
Exchanges usually work with blockchain analysts, other trading platforms, and law enforcement to trace assets and request freezes where possible. Success depends on how quickly funds are moved, whether they pass through cooperating platforms, and whether authorities can act across jurisdictions.
Bitget CEO’s Assessment
Using Bybit as a Reference
Why Recovery Is Difficult
Operational and Market Implications
Industry Context
This article is rewritten from public news sources and further processed by AI. It is provided for information only and does not constitute investment advice — refer to the original source for the authoritative version.
Crypto exchanges remain frequent targets for cyberattacks because they hold large pools of digital assets and process withdrawals at scale. High-profile breaches have repeatedly shown that even well-resourced platforms can face lengthy and uncertain asset recovery processes. Bitget’s case, as described by its CEO, fits that pattern: the breach’s dollar value is clear, but the path to restitution is not. The report underscores that security incidents create lasting operational and reputational challenges beyond the initial loss.
The breach can affect Bitget’s finances, customer confidence, and regulatory relationships, depending on how the loss is handled. A limited recovery rate may increase the exchange’s final cost and raise questions about its security and reserve practices.
