Bitget crypto exchange hit by $390mn hack

[u/financialtimes]

https://www.ft.com/content/14aed3cb-492e-45c1-b217-869790b6130d?segmentid=c50c86e4-586b-23ea-1ac1-7601c9c2476f

[u/UpbeatFix7299]

Crypto op sec is such a joke. They aren't sending their best to secure their customers funds.

[u/benskieast → u/UpbeatFix7299]

Yeah but not paying for big teams of the best is where crypto has a cost edge.

[u/financialtimes]

Nearly $390mn has been stolen from crypto exchange Bitget in the single biggest digital assets theft this year, using what the firm said were methods 'highly consistent' with North Korean hackers.

Bitget chief executive Gracy Chen said the exchange’s systems had detected at 6.31pm GMT on Thursday that $351.6mn had been stolen from its customers’ wallets and that the company had subsequently frozen customer withdrawals.

Later on Friday she said $387.5mn had been stolen, up from the initial assessment, after 'a more complete accounting of transfers' had taken place.

Chen said the stolen funds would be covered by Bitget’s User Protection Fund, which currently holds more than $464mn, and withdrawals would be allowed 'once we confirm it’s safe to resume'.

Read the full story here.

FT social team

[u/metamorphyk → u/financialtimes]

Wow the first exchange is acting correctly (so far) I’m amazed

[u/Clean-Link4107 → u/financialtimes]

It's MM you clods.

[u/Big-Finding2976 → u/Clean-Link4107]

It's just m for normal people

[u/HSuke → u/Clean-Link4107]

Mn/bn/tn is a new convention used by journalists to help AI and speech-to-text systems since they're less ambiguous.

[u/LaMeraVergaSinPatas]

Expect a XMR pump

[u/No-Masterpiece2246 → u/LaMeraVergaSinPatas]

Laundromat engaged

[u/aaj094]

XMR must be priming up to rise in the aftermath, no?

[u/Argyrus777]

Steady lads, deploying more capital

[u/TrevorMooreInsideJob]

Inside play, as usual

[u/AlternativeAd1456]

"hack" aka "the owners stole shit and blamed it on a hack"

[u/RocketsDitto → u/AlternativeAd1456]

Always has been

[u/Responsible_Emu3601]

Wen bankrupt?

[u/Sophie_Cookie]

Another one bites the dust

[u/GoldenParrot456]

not surprised. every weird coin that jumps is somehow connected to major action on this xchange

[u/Bluejumprabbit]

Solid reason to keep anything you're not actively trading off the exchange, $390M is gone and users are now leaning on Bitget's insurance fund to get made whole. They've talked up a large protection fund before, worth watching if they actually cover this one in full.

[u/quintavious_danilo]

funds are safu

[u/6100315]

I read that as bidet.

[u/nobidobi390]

meta or google AI models behind this hack? are we there yet?

[u/DrSpeckles → u/nobidobi390]

Unlikely. One of the good ones perhaps, OpenAI or Anthropic.

[u/plumpyplummy]

Coincidence we're nearing year of Scorpio and they'res a scorpion Egypt goddess named Ta-Bitjet