Bitget CEO Doubts $388M Hack Recovery as Greece Registers First MiCA Providers

Bitget CEO Gracy Chen has expressed skepticism that the crypto exchange will recover most of the $388 million stolen in last week's security breach. Speaking to Cointelegraph, Chen pointed to the $1.5 billion Bybit hack of February 2025 as a reference point, noting that only a small fraction of those stolen assets have been frozen or returned. Bitget has launched a bounty program offering 5% of frozen funds and another 5% for successfully recovered assets. The exchange initially estimated losses at $352 million before raising the figure to $388 million following a review of additional transfers. Chen has cited evidence suggesting North Korean involvement, though the investigation remains ongoing. Bitget began restoring withdrawals in stages on Monday, starting with Bitcoin, followed by Ether on Tuesday.

NEAR Intents, a multichain transaction protocol on the NEAR blockchain, confirmed it blocked more than $50 million in attempted transfers linked to the Bitget hackers. The intervention highlights growing efforts by on-chain infrastructure providers to detect and intercept illicit fund movements in real time, a capability that has become increasingly important as exchanges face sophisticated state-sponsored threats.

Greece has registered its first four crypto-asset service providers under the European Union's Markets in Crypto-Assets (MiCA) framework, according to an update from the European Securities and Markets Authority (ESMA) on Thursday. BCash, Xenios Blockchain Group, Capital Wallet Greece, and Piraeus Bank were added to the register alongside six providers from Germany, France, and Slovenia, bringing the total to 359 unique entries. Notably, Binance withdrew its Greek authorization application on June 24 before the Hellenic Capital Market Commission could issue a formal decision, forfeiting an opportunity to passport services across the EU. The exchange's withdrawal came amid reported tensions with European Central Bank President Christine Lagarde over Binance's regulatory standing in the bloc.