Bitget CEO Not Optimistic on Freezing, Recovering $388 Million in Hack Proceeds
JH Kim
Summary
- Bitget CEO Gracy Chen said she is not optimistic about the chances of freezing and recovering the $388 million stolen in the hack.
- Chen cited Bybit’s $1.5 billion hack and said that even after nearly a year, only about 3.5% of the total stolen funds has been frozen.
- Bitget said it is currently offering separate 5% bounties to parties that support the freezing and recovery of the stolen funds.
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Bitget Chief Executive Officer Gracy Chen said she is not optimistic about the chances of freezing and recovering the $388 million stolen in a recent hack.
Cointelegraph reported on September 29 that Chen cited Bybit’s $1.5 billion hack last year to illustrate how difficult it is to recover stolen funds.
"Nearly a year has passed, but frozen funds account for only about 3.5% of the total losses, and even that has not actually been recovered," Chen said.
Bitget is currently offering separate 5% bounties to parties that help freeze the stolen funds and to those that help recover them.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.