About 351.6 million dollars were hacked from Bitget exchange.

[KawasakiNinja1_]

Actually there is no thread about Bitget wallet hacked but earlier there was a thread that is 'bitget wallet review'.The main content of which was whether this exchange is safe to transfer some coins and whether this wallet is open source. However nowadays after a hardware wallet like cold card is hacked we see that few exchanges get hacked and also some exchanges stop their operations. Just like BitMart shut down their operations and still not allowing customers to withdraw assets, same time Bitget wallet was hacked and the CEO of that exchange mentioned that North Korean hackers stole their assets and their exchange users are also not able to withdraw assets.

The latest update is that the exchange's CEO has announced plans to enable withdrawals very soon; this means they will shortly provide customers with the facility to withdraw their Bitcoin, Ethereum, BNB, or USDT, allowing users to withdraw their cryptocurrency.



Many crypto exchanges have been hacked in the past which resulted in many users losing their assets such as

1.4 billion dollars worth of crypto assets from Bybit,
534 million from Coincheck,
around 477 million from FTX,
Around $460 million worth of crypto assets from MT Gox
and around $281 million worth of crypto assets from KuCoin combined
and currently around $351.6 million worth of assets have been hacked from the Bitget exchange in 2026.

So those who are still at risk of these Custodial wallets should avoid using them because those using them may not have the opportunity to withdraw their assets after the exchange is hacked, as a result those crypto currencies will be accessible to hackers.


https://crystalintelligence.com/investigations/the-10-biggest-crypto-hacks-in-history/

[joniboini]

This feels more appropriate in service discussion board. Since we're not talking about their wallet service, unless I misunderstood how this case happened. All in all, the old saying of don't store funds on exchanges, only use the money you can afford to lose, and so on still rings true. Unfortunately I don't think exchange hot wallets operation will change anytime soon. Users will still keep funds over there to make it convenient for trading.

[goldkingcoiner]

This kind of stuff happens when a service is centralized and the wallets are custodial. Anyone with a decentralized and non-custodial wallet would be better.

This feels more appropriate in service discussion board. Since we're not talking about their wallet service, unless I misunderstood how this case happened. All in all, the old saying of don't store funds on exchanges, only use the money you can afford to lose, and so on still rings true. Unfortunately I don't think exchange hot wallets operation will change anytime soon. Users will still keep funds over there to make it convenient for trading.

If it was my call, I would say centralized exchanges are very much wallet services. Custodial wallet services where CEX CEO's gamble with your coin. Sometimes they lose and need to claim they got hacked. Sometimes they actually get hacked because they have a huge target on their back by amassing and holding all those user funds...

Either way, shit service. And the very idea of storing decentralized, private money on centralized third-party-accessible wallets is awful in the first place. But traders do not have many decentralized options that don't totally eat away your coin with higher fees.

[stompix]

Actually I would say centralized exchanges are very much wallet services

And birds are dinosaurs, but, this is not a wallet board but a wallet software board and Bitget was a self-custodial wallet, what was hacked was the exchange, not the wallets.
So unless you want to move every exchange to this section, this topic has to go to services, where we already have one for the event.

So those who are still at risk of these non-custodial wallets should avoid using them because those using them may not have the opportunity to withdraw their assets after the exchange is hacked, as a result those crypto currencies will be accessible to hackers.

Well, are you sure about that? Do you actually even know what a non-custodial wallet is?

[KawasakiNinja1_]

Actually I would say centralized exchanges are very much wallet services

And birds are dinosaurs, but, this is not a wallet board but a wallet software board and Bitget was a self-custodial wallet, what was hacked was the exchange, not the wallets.
So unless you want to move every exchange to this section, this topic has to go to services, where we already have one for the event.

So those who are still at risk of these non-custodial wallets should avoid using them because those using them may not have the opportunity to withdraw their assets after the exchange is hacked, as a result those crypto currencies will be accessible to hackers.

Well, are you sure about that? Do you actually even know what a non-custodial wallet is?

Actually my typing is wrong there will be custodial wallet instead of non custodial, however I know what non custodial wallets are and what are their features. Like firstly if an investor is using non custodial wallet then private key, recovery Phrases ie full control will be with the investor and as per what I have heard or read in this forum they can be divided into two categories i.e. hardware wallets and software wallets.

[safar1980]

News reports suggest this wasn't a hack of private keys.
How the Bitget Hack Bypassed Private Keys
Chen said the hackers never obtained private keys for Bitget's hot, warm, or cold wallets. They also did not fake user withdrawal requests. Her later post described the method in more detail.

"The attacker compromised a critical backend system within our wallet infrastructure, used it to spoof transaction data, and triggered our authorization process to move funds out," she explained.

[GemUtxo]

All in all, the old saying of don't store funds on exchanges <...> still rings true.

Exactly. Worth adding that no exchange is insured against hacks in the usual sense. Bitget's User Protection Fund is the company's own reserve, and for users it should work out fine (this time). The loss estimate was revised to $387.5M, the fund holds over $464M, and withdrawals reopen in phases from September 28, starting with Bitcoin, the rest by October 2.

Still, it's a good reminder to always understand the risks of custodial services and the advantages of self-custodial wallets, where the keys and the decision to withdraw stay with you.