Bitget just got drained for ~$351.6M.
Their Protection Fund? Sitting on 5,500 $BTC (~$464M).
Covering this hit = eating 76% of the fund.
But here's the kicker:
The fund is denominated in $BTC.
So the real question ā are they actually gonna dump part of that 5,500 $BTC stack to make users whole?
Or will they try to negotiate, restructure, or eat it another way?
If they sell, that's 4,180 $BTC hitting the market.
Watch the order books. š
Their Protection Fund? Sitting on 5,500 $BTC (~$464M).
Covering this hit = eating 76% of the fund.
But here's the kicker:
The fund is denominated in $BTC.
So the real question ā are they actually gonna dump part of that 5,500 $BTC stack to make users whole?
Or will they try to negotiate, restructure, or eat it another way?
If they sell, that's 4,180 $BTC hitting the market.
Watch the order books. š
