$351M sounds bad enough, but the latest estimate is actually closer to **$387.5M** after additional affected transactions were identified. Bitget says the breach hit parts of its hot and warm wallet infrastructure, while cold wallets and the separate self-custodial Bitget Wallet were not affected. :chatgpt-content-reference{index="0"} What makes this one interesting is the attack method. According to Bitget, the hackers did **not** steal private keys. The reported attack compromised wallet backend infrastructure, spoofed transaction data and managed to trigger the exchange’s own authorization process. That is a much more worrying type of failure because the keys themselves can remain secure while the system around them gets tricked. :chatgpt-content-reference{index="1"} As for user funds, Bitget says balances are unaffected and its Protection Fund will absorb the financial impact. Withdrawals were paused as a security measure, with BTC withdrawals scheduled to start reopening on September 28 and other assets following in phases through October 2. :chatgpt-content-reference{index="2"} For me, the biggest question now is not just “were funds lost?” It is how a transaction worth hundreds of millions got through internal authorization without being stopped. If Bitget can publish a proper root cause, prove the vulnerability is fixed and restore withdrawals without further issues, confidence can recover. But $387M getting past the controls is still a serious security failure. In crypto, proof of reserves matters, but so does proof that the systems controlling those reserves cannot be fooled. $BTC was not hacked here. The exchange infrastructure was.