Is Bitget hacked?

[blockman]

This is also my question but the CEO doesn't have a clear answer to it. Unlike the response of bybit when they have been hacked, Ben allowed the withdrawals to come and they've said that they took loans just to sustain the withdrawals for all customers want their funds out. If the hack of $351M for bitget happened and they have $464M of protection funds, they should have reacted asap and allowed to pay that for all users wanting to withdraw.

That amount will not cover 100% of lost user funds, it simply won't. They manage those funds independently, without external intervention, and likely enforce usage limits in the event of a major hack. They are clearly striving to ensure this incident does not touch the SAFU reserves at all, or if absolutely necessary only a small fraction of them. So, I wouldn't view SAFU as an absolute guarantee, even though they hold substantial reserves.

Unlike bank deposit insurance, crypto exchange protection funds are voluntary and not guaranteed by authorities,

https://pluang.com/en/news-feed/dana-perlindungan-pertukaran-kripto-apa-yang-melindungi-anda

They have given the time period of withdrawals to be allowed again and I think that after this incident, they'll have the time to recover but most users won't be with them anymore.

If you look closely, most hacks involving exchanges are suspected to be linked to North Korean hackers, and in most cases, the stolen funds are never recovered afterward. Convenient, huh.

I remember the biggest with bybit and then another one was with Ronin.

Simple, the issue just isn't fully resolved yet.

Bitget already explained that the temporary withdrawal suspension is just a security measure, not an issue with users' asset liquidity.
They also said the withdrawal recovery plan will be announced before 4:00 UTC on Sep 26.
https://www.chaincatcher.com/en/article/2292302
https://www.techflowpost.com/en-US/newsletter/137863

It's already been announced as posted by one post above and that's a relief for all users who are waiting to pull out their funds.
People never learn about keeping their funds on exchanges.

[Taskford]

Actually I don't believe the funds is SAFU. Imagine how big the amount they lost from this hacking incident. For sure it affects lot of their user and also maybe Bitget might struggle to get back in their feet if they cannot recover that stolen funds.


So yeah there's high possibilities that Bitget will bite the dust here. That's why its good for people to avoid leaving their funds on centralized exchange, since they might experience this situation.

The reason why most people believe them is that Bitget Protection fund is around $464 million that is enough to cover the reported ~$350 million stolen except they were actually lying about having that amount as their protection fund which will be the end of that exchange if it is lie. Yes the withdrawals are suspended for now but I believe that they will be able to open it soon.

I don’t think this might take Bitget to dust because exchanges like Bybit just 18 months ago actually lost more to their own hack than this. There amount was reports around $1.5 billion which is almsot 4x of biget and they survived from it. So most probably bitget can survive too.

@$crypto$ already posted above the funds linked to Bitget protection funds. Now they can use that to cover their losses from said hacking issue.

Also base in this report https://coinfomania.com/binances-cz-promises-aid-for-bitget-urges-community CZ is showing support on Bitget and said that he's willing to help them in this recent hacking incident.

Binance CEO CZ has publicly pledged that Binance and the BNB Chain ecosystem will do everything possible to support Bitget, stating it was a "tough day for Bitget." This commitment highlights the importance of community support in the crypto market, particularly in challenging times. The statement reflects a proactive approach to fostering resilience within the crypto ecosystem, which could stabilize sentiment moving forward.

So looking at the information provided and possible aid from Binance. There's strong chance that Bitget  will survive despite of heavy losses they get from recent issue.

[BALIK]

No. You got it wrong.
That call was made three years ago, not now in 2026, not days ago after this hack.

Jeff warned that Bitget will possibly be a next FTX after he tried to use the exchange with HFT, and found severe wrong manipulations from Bitget bookmaker. With such things, his warning was reasonable as he and we would never know what will actually happen with an exploitation done by hackers.

At least, and very fortunately, after the FTX and Terra bankruptcies, this cryptocurrency exchange industry changed a lot, with Proof of Reserves, and Protection Funds so that exchanges have enough money to compensate their users after security hacks.

Another thing that is helpful for Bitget is their reserve is in bitcoin, not like FTX with most money in their exchange token FTT that crashed within days, and unlike Terra with not enough fund for such incidents.

Ive read that tweet. But look at what happened with Ftx and bitget, they are two completely different things.
FTX collapsed from serious mismanagement and misuse of customer assets, while Bitget is dealing with a security incident. Basically Jeff's warning and prediction has not even played out and it just wasn't accurate.

I remember when Bybit got hit with that $1.5b hack, everyone was also saying it could be the next FTX. And then what happened? Everyone ended up praising Ben Zhou instead.

Why do I say we should not lump all exchange together and assume they'll end up like FTX? Simply because the regulatory framework's gradually maturing and market's growing up too, not just because most of them have Proof of Reserves now.
I'm not saying an FTX-style collapse is completely off the table. But it will not be as easy as before, especially with government increasingly trying to regulate the industry.