BG Today’s Withdrawal Data Status
At present, the publicly verifiable data shows that by this afternoon, a total of 9,585 withdrawal transactions have been processed, totaling 3,609 BTC, worth approximately $340 million.
After this, the official authorities have not released any new cumulative numbers, and it has already been seven or eight hours since then.
On-chain, the hot wallets have been rapidly moving funds in and out. The confirmed balances are around 1,153 BTC. There have also been incoming deposits that have been verified, and withdrawals continue with high turnover.
The specific cumulative figures are only known to BG itself. We will wait for the official to publish new information.
Tomorrow, withdrawals of ETH will be opened. The day after tomorrow, withdrawals of USDT will be opened.
The ETH reserve ratio is 160%, and the books appear relatively well-funded. In theory, the redemption pressure should be smaller than with BTC. When withdrawals are opened tomorrow, sentiment will be released again. However, it’s likely BG can still withstand it. If cold-wallet allocation and dispatch are operating normally, more of the outflow will be precautionary.
The USDT reserve ratio is close to 1:1, with almost no excess. Since many people have withdrawn BTC and ETH, it’s mainly shifting holdings to another place. Large net outflows of USDT are more likely to create tightness.
This time, BG has to both plug the gap from the theft and also deal with three rounds of withdrawals. Walking a tightrope is not easy.
But BG will likely get through the crisis. The handling this time is also fairly decent. Still, this theft was caused by a backend approval system issue, and BG’s system security needs to be strengthened.
When exchanges get hacked like this, there’s no room to gamble with user safety.
As we keep saying that support is available, at times like this many people may also consider taking precautions.
Hope BG makes it through this difficult period.
https://arkm.com/explorer/address/1FWQiwK27EnGXb6BiBMRLJvunJQZZPMcGd
At present, the publicly verifiable data shows that by this afternoon, a total of 9,585 withdrawal transactions have been processed, totaling 3,609 BTC, worth approximately $340 million.
After this, the official authorities have not released any new cumulative numbers, and it has already been seven or eight hours since then.
On-chain, the hot wallets have been rapidly moving funds in and out. The confirmed balances are around 1,153 BTC. There have also been incoming deposits that have been verified, and withdrawals continue with high turnover.
The specific cumulative figures are only known to BG itself. We will wait for the official to publish new information.
Tomorrow, withdrawals of ETH will be opened. The day after tomorrow, withdrawals of USDT will be opened.
The ETH reserve ratio is 160%, and the books appear relatively well-funded. In theory, the redemption pressure should be smaller than with BTC. When withdrawals are opened tomorrow, sentiment will be released again. However, it’s likely BG can still withstand it. If cold-wallet allocation and dispatch are operating normally, more of the outflow will be precautionary.
The USDT reserve ratio is close to 1:1, with almost no excess. Since many people have withdrawn BTC and ETH, it’s mainly shifting holdings to another place. Large net outflows of USDT are more likely to create tightness.
This time, BG has to both plug the gap from the theft and also deal with three rounds of withdrawals. Walking a tightrope is not easy.
But BG will likely get through the crisis. The handling this time is also fairly decent. Still, this theft was caused by a backend approval system issue, and BG’s system security needs to be strengthened.
When exchanges get hacked like this, there’s no room to gamble with user safety.
As we keep saying that support is available, at times like this many people may also consider taking precautions.
Hope BG makes it through this difficult period.
https://arkm.com/explorer/address/1FWQiwK27EnGXb6BiBMRLJvunJQZZPMcGd