AIHustleCrypto

​🚨 Breaking on-chain: Bitget’s $387M Exploit & The Plot Twist Involving Binance
​The crypto streets are buzzing following the massive $387.5M security breach on Bitget, and fresh on-chain data is adding fuel to the fire. Here is a quick breakdown of what is happening, what it means, and why Binance is back in the spotlight.
​🔍 The Core Story: What Happened to Bitget?
​The Scale: An estimated $387.5 million was drained from Bitget’s hot and warm wallets. Cold storage remains entirely secure.
​The Exploit Method: According to CEO Gracy Chen, hackers didn't steal private keys; instead, they compromised a backend system within the wallet infrastructure, spoofing transaction data to trick internal authorization systems into auto-approving the withdrawals.
​The Protection Fund: Bitget has assured users that their $464M+ User Protection Fund fully covers the losses, and phased withdrawals are scheduled to reopen starting September 28.
​🔄 The Plot Twist: Hacker "Refuels" via Binance
​On-chain sleuths (including Lookonchain) flagged a wild development: the hacker has been actively routing funds through Binance.
​The attacker withdrew roughly $1.23 million (converted into roughly 457.9 ETH) from Binance hot wallets and funneled it straight back to the hacker-controlled address.
​Why does this matter? Binance withdrawals typically require KYC-verified accounts, meaning investigators now have a crucial thread to pull. Both Bitget and Binance teams are working together to track down and freeze the movement of funds.
​#Bitget #BinanceSquare #CryptoNews #security #Web3Safety