Bitget CEO Gracy Chen said on Tuesday that she does not expect to fully freeze or recover the $388 million in assets lost during last week's exchange hack.

Bybit 2025 Case: About 3.5% Frozen

Chen described the February 2025 Bybit hack as a "good benchmark" for assessing prospects. At that time, about $1.5 billion in ETH was stolen, and the exchange reported freezing and recovering a total of $80 million. According to Chen, after about a year, only around 3.5% of the stolen funds had been frozen, and this was freezing, not recovery.

Bitget Bug Bounty: 5% for Freezing, 5% for Recovery

In response to the incident, Bitget announced a rewards program: 5% of the amount of frozen funds and 5% of the amount of assets actually recovered.

NEAR Intents and Stablecoin Issuers Freeze Assets

The NEAR Intents team reported freezing over $50 million in assets linked to the attack and blocking about $500,000. Chen also confirmed that stablecoin issuers Tether and Circle blacklisted a wallet associated with the exploit, freezing $318,013 in USDT and USDC.

Loss Estimate Rises to $388M; Withdrawals Resume

Initially, Bitget suspended withdrawals after reporting a $352 million loss from the Thursday attack, but Chen later updated the estimate to $388 million. The exchange has begun gradually resuming withdrawals: BTC on Monday and ETH on Tuesday. The incident is among the largest in 2026; in September, a $320 million exploit was recorded on Liquid Network. Chen suggested North Korea could be involved based on IP addresses, but did not rule out an insider; the investigation is ongoing.