Don’t be lulled by official assurances that the “protection fund is enough to fully cover losses.” The real reason BGB cannot be kept is the collapse of the trust foundation.
The hackers didn’t simply steal from hot wallets; they infiltrated critical backend systems and issued forged withdrawal instructions. Even worse is the stark contrast: right after the official declared cold wallets were secure, on-chain monitoring soon detected at least one cold wallet showing unusual activity.
If even cold wallets are at risk—and the CEO also admitted there’s no definite timeline for restoring withdrawals—then this kind of system-level loss of control cannot be swept aside by simply showing a few hundred million in reserves. Until the withdrawal channels are truly opened and can withstand a bank-run test, any rebound in BGB is only a digital game for a caged bird. Absolutely do not “catch the knife” at this stage.
#BGB
The hackers didn’t simply steal from hot wallets; they infiltrated critical backend systems and issued forged withdrawal instructions. Even worse is the stark contrast: right after the official declared cold wallets were secure, on-chain monitoring soon detected at least one cold wallet showing unusual activity.
If even cold wallets are at risk—and the CEO also admitted there’s no definite timeline for restoring withdrawals—then this kind of system-level loss of control cannot be swept aside by simply showing a few hundred million in reserves. Until the withdrawal channels are truly opened and can withstand a bank-run test, any rebound in BGB is only a digital game for a caged bird. Absolutely do not “catch the knife” at this stage.
#BGB