What Bitget is being targeted for this time isn’t just the stolen funds themselves, but the market’s patience with platform security.
According to Lookonchain monitoring, the Bitget attackers have converted most of the stolen funds on the EVM chain into 67,982 ETH, worth about $183 million. The market interpretation is largely bearish toward Bitget’s platform trust, and it has brought $ETH an observation point for short-term on-chain selling pressure. BGB is still bearing a trust discount following the exchange security incident.
What’s more worth watching next is whether this batch of ETH will continue to spread out, move across chains, enter mixers, or flow to exchanges; if there’s a concentrated sell-off, the short-term on-chain selling pressure will be even more pronounced. For $ETH , the key is the subsequent paths of these addresses; for Bitget, trust restoration will be slower than the funds themselves.
Are you more focused on where this batch of ETH goes next, or on the pace of Bitget’s trust recovery?
Source: BlockBeats
Caption 1: Bitget stolen funds converted on a large scale into ETH · Key news points
Image source: https://www.theblockbeats.info/flash/368910
According to Lookonchain monitoring, the Bitget attackers have converted most of the stolen funds on the EVM chain into 67,982 ETH, worth about $183 million. The market interpretation is largely bearish toward Bitget’s platform trust, and it has brought $ETH an observation point for short-term on-chain selling pressure. BGB is still bearing a trust discount following the exchange security incident.
What’s more worth watching next is whether this batch of ETH will continue to spread out, move across chains, enter mixers, or flow to exchanges; if there’s a concentrated sell-off, the short-term on-chain selling pressure will be even more pronounced. For $ETH , the key is the subsequent paths of these addresses; for Bitget, trust restoration will be slower than the funds themselves.
Are you more focused on where this batch of ETH goes next, or on the pace of Bitget’s trust recovery?
Source: BlockBeats
Caption 1: Bitget stolen funds converted on a large scale into ETH · Key news points
Image source: https://www.theblockbeats.info/flash/368910
