WuBlockchain
Roughly $350 million was stolen from Bitget on September 24. CEO Gracy Chen said the exchange could absorb a loss exceeding $300 million and handle a potential bank run when withdrawals resume. She compared Bitget's retail trading volume with Bybit's, arguing that if Bybit withstood a $1.5 billion loss, Bitget could withstand a smaller one.
Why it matters
Chen's comments address the risk that customers rush to withdraw funds after the theft. Her comparison with Bybit is an argument for Bitget's ability to absorb the hit, not a guarantee against withdrawals or further losses.
Market impact
Some public chains have frozen stolen funds, and recovery efforts are underway. Chen does not expect a full recovery, leaving the amount ultimately recovered uncertain.
Frequently asked questions
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How much was stolen from Bitget?
Roughly $350 million was stolen from Bitget on September 24.
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What did Gracy Chen say about Bitget's ability to absorb the loss?
Chen said Bitget could absorb a loss exceeding $300 million and handle a potential bank run when withdrawals resume.
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Why did Chen compare Bitget with Bybit?
She said Bitget's retail trading volume is comparable to Bybit's and argued that if Bybit could absorb a $1.5 billion loss, Bitget could absorb a smaller one.
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What is happening with recovery of the stolen funds?
Recovery efforts are underway, and some public chains have frozen stolen funds.
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Does Bitget expect to recover all the stolen funds?
Chen does not expect a full recovery, leaving the amount ultimately recovered uncertain.
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