Bitget today it’s time to restart USDT withdrawals.
📌 This time the stolen amount has two different figures, which is easy to confuse.
🔍 One is the amount stolen itself: $387.5 million. The official report initially stated $351.6 million, and later it was raised to $387.5 million after adding assets in Zcash and Tron.
Another is that the platform balance decreased by about $600 million in a day. This is net outflow, not loss—because it includes the money users withdrew themselves.
⚠️ The difference between the two is huge: the first says how much was stolen, while the second says how much money was moved out. Seeing “$600 million” and concluding it’s more than a loss of $387.5 million mixes the two separate things together.
🔗 The withdrawal timeline is as follows: Channel $BTC started on 9/28. In the first wave, 9,585 withdrawals went out, totaling about 4,098 coins; the ETH channel opened on 9/29; and today it’s USDT’s turn. The platform currently still holds over $6.7 billion in assets.
To judge the severity of a single theft incident, should you look at the number stolen, or whether the withdrawals can actually go through?
#Bitget
📌 This time the stolen amount has two different figures, which is easy to confuse.
🔍 One is the amount stolen itself: $387.5 million. The official report initially stated $351.6 million, and later it was raised to $387.5 million after adding assets in Zcash and Tron.
Another is that the platform balance decreased by about $600 million in a day. This is net outflow, not loss—because it includes the money users withdrew themselves.
⚠️ The difference between the two is huge: the first says how much was stolen, while the second says how much money was moved out. Seeing “$600 million” and concluding it’s more than a loss of $387.5 million mixes the two separate things together.
🔗 The withdrawal timeline is as follows: Channel $BTC started on 9/28. In the first wave, 9,585 withdrawals went out, totaling about 4,098 coins; the ETH channel opened on 9/29; and today it’s USDT’s turn. The platform currently still holds over $6.7 billion in assets.
To judge the severity of a single theft incident, should you look at the number stolen, or whether the withdrawals can actually go through?
#Bitget