Often behind a phrase like “security incident” is the exchange taking the first hit.
On September 25, Bitget saw abnormal transfers involving both hot wallets and warm wallets, involving approximately US$351.6 million, while cold wallets were not affected. The platform said the losses were covered by the scope of the user protection fund, and it temporarily paused withdrawal verification at one point. Source: PANews.
The facts are straightforward: after the money is transferred out, the market first looks at two things—whether withdrawals can resume, and whether capital tracing can form an effective interception. The scenario is also realistic: if the verification process proceeds smoothly, panic may ease for a moment; if users keep transferring funds out, the platform’s trust and the sentiment around $BGB will be even weaker.
Another thing to watch is how far industry collaboration can go. Competitors such as Bybit said they are willing to assist in tracking the funds, suggesting that recovering stolen assets isn’t only about who was hacked—it also depends on whether exchanges along the way, exchange services, and cross-chain entry points can coordinate promptly. Are you more concerned with the withdrawal-recovery timeline, or the progress of capital tracing?
Figure 1: Approximately US$350 million in assets stolen from Bitget · Key news points
Image source: https://www.panewslab.com/zh/articles/01a0e739-56a3-71ca-9650-3931efbe37a9
On September 25, Bitget saw abnormal transfers involving both hot wallets and warm wallets, involving approximately US$351.6 million, while cold wallets were not affected. The platform said the losses were covered by the scope of the user protection fund, and it temporarily paused withdrawal verification at one point. Source: PANews.
The facts are straightforward: after the money is transferred out, the market first looks at two things—whether withdrawals can resume, and whether capital tracing can form an effective interception. The scenario is also realistic: if the verification process proceeds smoothly, panic may ease for a moment; if users keep transferring funds out, the platform’s trust and the sentiment around $BGB will be even weaker.
Another thing to watch is how far industry collaboration can go. Competitors such as Bybit said they are willing to assist in tracking the funds, suggesting that recovering stolen assets isn’t only about who was hacked—it also depends on whether exchanges along the way, exchange services, and cross-chain entry points can coordinate promptly. Are you more concerned with the withdrawal-recovery timeline, or the progress of capital tracing?
Figure 1: Approximately US$350 million in assets stolen from Bitget · Key news points
Image source: https://www.panewslab.com/zh/articles/01a0e739-56a3-71ca-9650-3931efbe37a9
