๐จ Bitget hacked for $351.6 millionโฆ and the industry unites
On September 24, Bitget suffered a breach affecting hot wallets worth approximately $351.6 million.
Private keys were not stolen; the attack targeted the backend system by forging transaction data.
Key points:
โข Usersโ funds are safe and fully covered by the Protection Fund (over $464 million).
โข Cold wallets were not affected.
โข Withdrawals are temporarily paused, while trading and deposits continue.
What stands out in this incident is the stance taken by industry leaders:
๐น Binance (via Co-CEO Richard Teng): announced that Binanceโs security team has been working closely with Bitget since the very first moment, sharing security information, tracking the movement of stolen funds, and supporting recovery efforts.
๐น Bybit (via Ben Zhou): provided full support and activated the LazarusBounty platform to track the funds, confirming that Bitget had helped them previously in a similar incident.
This collaboration reminds us that exchange attacks are no longer a solitary matterโฆ but a collective battle between the industry and the attackers.
What do you think? Is having Protection Funds enough, or is reliance on hot wallets still a major weakness?
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