#ПротоколFOMC Crypto exchange Bitget was hacked for $350M+.
Right away, an important point—according to current data, Bitget customers’ funds are not at risk. The incident affected part of the hot and warm wallet infrastructure, while the cold wallets remained untouched. The preliminary estimated damage is about $351.6 million. Bitget separately stated that users’ balances remain accurate, and that all the preliminary losses are covered by the User Protection Fund of more than $464 million. In other words, at the balance-sheet level, the exchange currently has reserves sufficient to cover the claimed loss.The hack for $351M is no longer a question of solvency, but a question of the quality of internal infrastructure, access control, and operational risk. What’s especially unpleasant is that the exchange had to completely halt withdrawals until the security checks were completed.For me, the main risk here is reputational. Money can be compensated by a fund, the technical vulnerability can be patched, but user trust is restored much more slowly. If Bitget quickly restores withdrawals and transparently discloses the reason for the incident, the market will absorb it. If the pause drags on, the harm to the business may end up being significantly broader than the stolen $351.6 million.$NVDAB $AAPLB $AMZNB
Right away, an important point—according to current data, Bitget customers’ funds are not at risk. The incident affected part of the hot and warm wallet infrastructure, while the cold wallets remained untouched. The preliminary estimated damage is about $351.6 million. Bitget separately stated that users’ balances remain accurate, and that all the preliminary losses are covered by the User Protection Fund of more than $464 million. In other words, at the balance-sheet level, the exchange currently has reserves sufficient to cover the claimed loss.The hack for $351M is no longer a question of solvency, but a question of the quality of internal infrastructure, access control, and operational risk. What’s especially unpleasant is that the exchange had to completely halt withdrawals until the security checks were completed.For me, the main risk here is reputational. Money can be compensated by a fund, the technical vulnerability can be patched, but user trust is restored much more slowly. If Bitget quickly restores withdrawals and transparently discloses the reason for the incident, the market will absorb it. If the pause drags on, the harm to the business may end up being significantly broader than the stolen $351.6 million.$NVDAB $AAPLB $AMZNB