Bitget CEO expects little recovery from $388 million hack
Bitget CEO Gracy Chen told CNBC that the cryptocurrency exchange does not expect to recover much of the $388 million stolen in last week's breach, pointing to limited recoveries from previous exchange hacks.
Bitget CEO Gracy Chen told CNBC that the exchange is not expecting to recover a lot of funds following the $388 million hack suffered last week. Chen pointed to limited recoveries across past cryptocurrency exchange breaches as the basis for her pessimistic outlook, noting that history is not on their side.[3][2][1]
Roughly a week after what Quartz characterized as one of the crypto sector's largest-ever exchange hacks, Bitget has frozen only around $1.1 million in stolen assets, representing less than 0.3% of the total amount taken. Investigators determined that the hackers compromised the platform by exploiting a zero-day vulnerability in third-party security software, which granted them privileged access and enabled them to bypass regular withdrawal controls.[1][2]
Key facts
- Bitget CEO Gracy Chen stated on CNBC that she does not expect to recover much of the $388 million stolen in last week's hack.
- Chen based her expectations on historically limited recovery rates in previous exchange breaches.
- Only approximately $1.1 million of the stolen cryptocurrency has been frozen so far, which constitutes less than 0.3% of the stolen total.
- Investigators found that attackers gained privileged access and bypassed standard withdrawal controls by exploiting a zero-day vulnerability in third-party security software.
Sources · 3 sources
- QU
Quartz@qzPost on X ·
Bitget froze $1.1M of $388M stolen — and isn't optimistic about the rest: A week after one of crypto's largest-ever exchange hacks, Bitget has recovered less than 0.3% of the stolen funds — and its own CEO says history isn't on their side.… dlvr.it/TVlm0H #Bitget #CryptoHack https://t.co/GpdAow3fal
Open source - TM
That Martini Guy ₿@MartiniGuyYTPost on X ·
Bitget CEO Gracy Chen says the exchange is “not expecting to recover a lot” of the $388 million stolen in last week’s hack So far, only around $1.1 million of the stolen crypto has been frozen Investigators found the attackers exploited a zero-day vulnerability in third-party security software to gain privileged access and bypass normal withdrawal controls
Open source - CO
CoinMarketCap@CoinMarketCapPost on X ·
UPDATE: 🚨 Bitget CEO Gracy Chen tells CNBC she's "not expecting to recover a lot of funds" from the $388M hack, citing limited recoveries from past exchange breaches. https://t.co/vnCHmYxf9E
Open source