GM☕️ Bitget was robbed this time of $351.6 million, but it just feels like the market was much quieter than it was during that Bybit incident.
At 2:31 AM, some hot/warm wallet activity showed abnormal outflows, and withdrawals were paused. The official statement said the cold wallets were fine, and that the $464 million protection fund on the books could cover the loss.
Why wasn’t this time as panic-inducing?
I feel like it’s because this time they didn’t break through the cold wallets. When Bybit lost $1.46 billion back then, it was the cold wallet—the safest layer—that was breached. Everyone was afraid it would become the next FTX.
But somehow, Bybit still managed to withstand roughly $4 billion in withdrawals, and even replenished the reserves. In a way, it proved to all the major exchanges: being hacked doesn’t necessarily mean you’ll collapse.
So now, is the market more mature, or are people just numb to a few hundred million dollars being stolen? I can’t really tell🫠
Anyway, exchanges are trading tools, not safes.
Not your keys, not your coins.
#Bitget #Crypto
At 2:31 AM, some hot/warm wallet activity showed abnormal outflows, and withdrawals were paused. The official statement said the cold wallets were fine, and that the $464 million protection fund on the books could cover the loss.
Why wasn’t this time as panic-inducing?
I feel like it’s because this time they didn’t break through the cold wallets. When Bybit lost $1.46 billion back then, it was the cold wallet—the safest layer—that was breached. Everyone was afraid it would become the next FTX.
But somehow, Bybit still managed to withstand roughly $4 billion in withdrawals, and even replenished the reserves. In a way, it proved to all the major exchanges: being hacked doesn’t necessarily mean you’ll collapse.
So now, is the market more mature, or are people just numb to a few hundred million dollars being stolen? I can’t really tell🫠
Anyway, exchanges are trading tools, not safes.
Not your keys, not your coins.
#Bitget #Crypto
