Bitget, the cryptocurrency exchange targeted in a hack last week, does not expect to recoup most of the approximately $388 million that was stolen, Chief Executive Officer told CNBC.
The company said it has frozen only a tiny fraction of the roughly $387.5 million taken in the cyberattack, and has moved to restore much of its protection fund to cover client losses. The CEO’s comments signalled limited optimism about recovering assets from the perpetrators or compromised accounts.
The exchange’s decision to replenish its protection reserve is intended to shore up customer balances and maintain market confidence following the breach. Bitget has not disclosed further details about the mechanics of the restoration or the specific amounts involved beyond noting that much of the fund has been replenished.
The disclosure underscores the challenges digital-asset platforms face in responding to large-scale intrusions. With only a small portion of the stolen funds frozen, the prospects for recovering the bulk of the losses remain uncertain, according to the exchange’s own assessment to CNBC.