$351M Stolen , Two Crypto Security Incidents in 24 Hours| Bitget and Magic Eden

[strunberg]

This keeps touching me the hard way, seeing that there is no single week that will pass by without having the experience of a crypto hack or scam, which means that there is much expected of us to do regarding our asset security and privacy, which so many people do not have such a mind, for how long are we going to be leaving the miscreant to take over our assets from us all of a sudden, what we have toiled and laboured for will just be taken by scammers through an insignificant mistake from our end, it is high time we put a stop to end this menace because it must not continue like this, the better we know more the easier it becomes for us to secure our crypto asset.

I believe that hacking will never truly come to an end, as every network, digital crypto wallet, or exchange service inevitably contains bugs or vulnerabilities that malicious actors can exploit. It is a positive thing when bug hunters discover critical flaws and report them to the developers; however, security vulnerabilities are frequently discovered by criminals intent on stealing people's wealth. We must take responsibility for safeguarding our own assets; it is far better to store our major holdings in personal digital wallets—or, ideally, in cold wallets. Personally, I remain apprehensive about keeping large amounts of assets on exchanges, even though I am confident that they work daily to patch security vulnerabilities.

[Doan9269]

This keeps touching me the hard way, seeing that there is no single week that will pass by without having the experience of a crypto hack or scam, which means that there is much expected of us to do regarding our asset security and privacy, which so many people do not have such a mind, for how long are we going to be leaving the miscreant to take over our assets from us all of a sudden, what we have toiled and laboured for will just be taken by scammers through an insignificant mistake from our end, it is high time we put a stop to end this menace because it must not continue like this, the better we know more the easier it becomes for us to secure our crypto asset.

I believe that hacking will never truly come to an end, as every network, digital crypto wallet, or exchange service inevitably contains bugs or vulnerabilities that malicious actors can exploit. It is a positive thing when bug hunters discover critical flaws and report them to the developers; however, security vulnerabilities are frequently discovered by criminals intent on stealing people's wealth. We must take responsibility for safeguarding our own assets; it is far better to store our major holdings in personal digital wallets—or, ideally, in cold wallets. Personally, I remain apprehensive about keeping large amounts of assets on exchanges, even though I am confident that they work daily to patch security vulnerabilities.

With all these recent incident of hacks and scam related activities, it is important uphold our asset under a non-costodial wallet, this is very important and some are still taking it for granted by using a centralized exchange for their assets portfolio, lot of things are happening and we can't predict who may be the next target or when such attack may come over there exchange platform we are using, we have to keep to details regarding security and maintain privacy in other increase our safety measures on things like this that are opening.

[Kavelj22]

Sadly, crypto scams and hacks happen way too often. Most of the time, one small mistake is enough to lose everything. We really need to pay more attention to wallet security, privacy, and the links or contracts we interact with. The more we learn about security, the better we can protect our funds.

I will either not telling the are just mistakes. They are vulnerabilities that can be exploited because nobody from the team got the attention to expect it does even exist, especially with long establishing projects. Investors trust smart contracts ethereum like they trust the blockchain and bitcoin. While the fact is those networks are not completely secure to develop solid dapps. Successful hacks mean a network always exposed to be exploited somehow.

[Rengga Jati]

I believe that hacking will never truly come to an end, as every network, digital crypto wallet, or exchange service inevitably contains bugs or vulnerabilities that malicious actors can exploit. It is a positive thing when bug hunters discover critical flaws and report them to the developers;

Exactly, it never ends. Hackers and scammers certainly make a lot of money doing this. Sometimes, they do it simply for the satisfaction of successfully breaching a platform's security system. Regardless, it is a crime. We might not be able to completely escape scammers or hackers, but we can at least make an effort to protect ourselves. We can't avoid keeping assets on exchanges due to trading needs. But we can minimize the risk by storing our assets in hardware wallets, keeping control of the assets firmly in our own hands.

I just read some updates on this hack. It seems the hackers have started making moves, though not all at once. They tried using NEAR Intents. But. at least some of them—were blocked.
Near - Bitget

[Texac]

With all these recent incident of hacks and scam related activities, it is important uphold our asset under a non-costodial wallet, this is very important and some are still taking it for granted by using a centralized exchange for their assets portfolio, lot of things are happening and we can't predict who may be the next target or when such attack may come over there exchange platform we are using, we have to keep to details regarding security and maintain privacy in other increase our safety measures on things like this that are opening.

You seem to have forgotten that the coldcard incident also caused around $130m in losses for users and so far, there hasn't been any compensation mentioned.

My point is Im not saying we should keep our funds on CEXs, but let's not get overconfident either and assume just switching to a non custodial wallet makes your money bulletproof.

Tbf, every solution has its pros and cons. Our job is to actually understand those risks and pick storage method that fits our assets, our ability to manage it, and how much risk we are willing to stomach. There is no such thing as a completely risk free way of storing your asset.

[$crypto$]

I will either not telling the are just mistakes. They are vulnerabilities that can be exploited because nobody from the team got the attention to expect it does even exist, especially with long establishing projects. Investors trust smart contracts ethereum like they trust the blockchain and bitcoin. While the fact is those networks are not completely secure to develop solid dapps. Successful hacks mean a network always exposed to be exploited somehow.

It is difficult to avoid vulnerabilities, DeFi is exploited almost every day, most exchanges and casinos have also been hacked into by criminal targets.

About Bitget we already know the results of an investigation from the SlowMist security team.
-Zero-day vulnerability.
- Unmistakable access to third-party products, using internal identity.

Which means we don't know if behind all this there is an insider involved? This investigation has not been all his, considering now hooking up to many people including Chinese artists according to some sources.

https://x.com/SlowMist_Team/status/2105145931645743534

[Jostle]

The Magic Eden incident is just yet another example of how DeFi poses one of the greatest security risks in Crypto. It is essentially a software layer/architecture, and the speed of attacks on DeFi protocols have been inevitably sped up through the use of Claude/ChatGPT, etc. In my view, that's the way to go. DeFi is not a good place to store your money, if any.

[DanWalker]

So many parties used them as a scapegoat to blame their stupidity for not properly keeping their customer's money.

I wouldn't be surprised if another exchange gets hacked in the future and Lazarus gets dragged into it again.  .

The latest update from bitget if they're starting to process any withdrawal that gets stucked before. So i think this case is already solved because they replaced all of money got hacked.

As of today Bitget kept its word. BTC withdrawal opened on September 28th, ETH on 29th and USDT on 30th. According to schedule, fiat and p2p withdrawal should reopen on 10/2.

According to Defillama, users have withdrawn around $463M net since Bitget reopened withdrawal and everything still look pretty good so far.

So basically, Bitget's the one eating the loss here while users barely took a hit. That's some solid news tbh.
https://www.briefs.co/news/bitget-users-pull-463-million-as-withdrawals-restart-after-h/