#Bitget
Bitget loses $387.5M and halts withdrawals
Quick context:
- Hot and warm wallets were drained on Sept 24, while cold wallets are reportedly safe
- The loss was revised up from $351.6M after Zcash and TRON assets were traced (not a second attack)
- The CEO says attackers spoofed transaction data to trigger Bitget's own approvals. Keys were not stolen.
- North Korea is the leading suspect, though it isn't confirmed yet
The interesting part is the protection fund. Bitget says its ~$464M fund covers everything, but that fund is held in BTC. So the cushion shrinks if BTC dips before settlement.
Withdrawals are still paused while users wait on the resumption plan.
Does a fund like this make you trust CEXs more, or remind you why self-custody matters? Share your take 💬
$TRON.US
$BTC
#BitgetExchange
#NorthKoreaHackers
Bitget loses $387.5M and halts withdrawals
Quick context:
- Hot and warm wallets were drained on Sept 24, while cold wallets are reportedly safe
- The loss was revised up from $351.6M after Zcash and TRON assets were traced (not a second attack)
- The CEO says attackers spoofed transaction data to trigger Bitget's own approvals. Keys were not stolen.
- North Korea is the leading suspect, though it isn't confirmed yet
The interesting part is the protection fund. Bitget says its ~$464M fund covers everything, but that fund is held in BTC. So the cushion shrinks if BTC dips before settlement.
Withdrawals are still paused while users wait on the resumption plan.
Does a fund like this make you trust CEXs more, or remind you why self-custody matters? Share your take 💬
$TRON.US
$BTC
#BitgetExchange
#NorthKoreaHackers