Honestly, the withdrawal pause for the likes of $BTC and $ETH (i mean all) is the part I understand people are most worried about.
But looking at the latest update, there are a few things worth separating from the noise.
Bitget says the breach was contained to part of its wallet infrastructure, private keys were not compromised, and no further unauthorized transfers are possible. It also says the estimated $351.6M affected is within its $464M+ Protection Fund.
I’m still watching this closely, but I’m not jumping to the conclusion that this is the end of the exchange. For me, the next important thing is the full incident report and seeing the security fixes and withdrawal restoration play out.
And please be careful with the scams appearing around this. A hack creates the perfect environment for fake tokens, fake recovery offers and phishing links. If other exchanges like Binance in 2019 and Bybit could overcome, then Bitget will surely overcome this.
But looking at the latest update, there are a few things worth separating from the noise.
Bitget says the breach was contained to part of its wallet infrastructure, private keys were not compromised, and no further unauthorized transfers are possible. It also says the estimated $351.6M affected is within its $464M+ Protection Fund.
I’m still watching this closely, but I’m not jumping to the conclusion that this is the end of the exchange. For me, the next important thing is the full incident report and seeing the security fixes and withdrawal restoration play out.
And please be careful with the scams appearing around this. A hack creates the perfect environment for fake tokens, fake recovery offers and phishing links. If other exchanges like Binance in 2019 and Bybit could overcome, then Bitget will surely overcome this.