It depends on how/where it was cut. Apparently there are people who want just the chain b/c my LBS had guys come in recently just asking for the chain. Worked well for me b/c I had an oldstyle Krypto that I was not using b/c of the lock issues, I was able to pick up just the lock for cheap.

If the chain is locked at the two ends, you can probably cut the two ends off and be left with a decent length chain. With chains retailing at about $50, it is no shock that scumbags are stealing them given how they steal things of much lesser value.