The $387.5M Bitget hack is a reminder that exchange security isn't only about protecting private keys.
Bitget says the attacker compromised part of its wallet backend, spoofing transaction data so its authorization system approved transfers. The exchange says private keys and cold wallets were not compromised.
The estimated loss has now increased from $351.6M to $387.5M, after additional Zcash and TRON transfers were identified. Bitget says this was a fuller accounting of the original breach, not another attack.
Now comes the bigger test: recovery and withdrawals.
$BTC withdrawals are scheduled to restart Sept. 28, followed by $ETH on Sept. 29, $USDT on Sept. 30, and other assets, fiat and P2P services on Oct. 2. Bitget says its Protection Fund covers the financial impact.
For me, the important lesson goes beyond one exchange.
Crypto platforms can have secure cold storage and still face serious risk in the infrastructure controlling how transactions get approved.
After a $387.5M incident, restoring withdrawals is one thing. Restoring user confidence could be the harder part.
$BGB #hack #Macro Insights#
Bitget says the attacker compromised part of its wallet backend, spoofing transaction data so its authorization system approved transfers. The exchange says private keys and cold wallets were not compromised.
The estimated loss has now increased from $351.6M to $387.5M, after additional Zcash and TRON transfers were identified. Bitget says this was a fuller accounting of the original breach, not another attack.
Now comes the bigger test: recovery and withdrawals.
$BTC withdrawals are scheduled to restart Sept. 28, followed by $ETH on Sept. 29, $USDT on Sept. 30, and other assets, fiat and P2P services on Oct. 2. Bitget says its Protection Fund covers the financial impact.
For me, the important lesson goes beyond one exchange.
Crypto platforms can have secure cold storage and still face serious risk in the infrastructure controlling how transactions get approved.
After a $387.5M incident, restoring withdrawals is one thing. Restoring user confidence could be the harder part.
$BGB #hack #Macro Insights#
