Bitget CEO Gracy Chen expresses skepticism on recovering $387.5M in stolen funds

Bitget lost $387.5 million in a security breach on September 24, and CEO Gracy Chen isn’t sugarcoating the odds of getting it back. Drawing a direct comparison to the February 2025 Bybit hack, where recovery efforts produced underwhelming results, Chen signaled that the exchange is preparing for the possibility that most of those funds are gone for good. How the attack unfolded The breach was detected at approximately 18:31 UTC on September 24, when unauthorized transfers began draining assets from Bitget’s hot and warm wallets. Attackers executed 19 transactions across multiple blockchain networks, exploiting a vulnerability in a backend system tied to a third-party security vendor. Spoofed transaction data was deployed to circumvent the exchange’s authorization processes, essentially tricking the system into approving transfers it should have flagged. Cold wallets, the offline storage systems that hold the bulk of exchange reserves, were not compromised. No private keys were exposed. The initial loss estimate came in at $351.6 million, but more thorough on-chain accounting later revised the figure upward to $387.5 million. Investigators have flagged suspicious activities potentia...