Bitget CEO Gracy Chen affirms IPO plans despite $387.5M security breach
- —The September 24 breach hit hot and warm wallets, draining roughly 103 million XRP worth about $157 million
- —Damage estimate rose from $351.6 million to $387.5 million after assets were recovered on Zcash and TRON
- —The $464 million User Protection Fund covers all losses, leaving about $76 million to spare
- —Bitget hired Mandiant and SlowMist; attack fingerprints point to North Korean hacking groups
Why it matters: The breach and suspended withdrawals damage Bitget's reputation and complicate its IPO path, with users awaiting full reimbursement.
Source: Crypto Briefing