Back to news
SafetyHigh impact — Significance is rated automatically and is not a price signal.
Bitget Raises Hack Loss Estimate to $387.5 Million, Outlines Withdrawal Restart Plan
(39 days ago) · 1 source · Summarized by CryptoBipto
Cryptocurrency exchange Bitget has increased its estimate of losses from a recent hack to $387.5 million. The exchange has announced a plan to restart withdrawals, though the timeline and full details of the incident are still developing.
WHY IT MATTERS
When you store cryptocurrency on a centralized exchange, the exchange holds your funds for you, similar to how a bank holds your money.
Read the full analysis with a CryptoBipto membership
Members read why every story matters and the full analysis behind it.
SOURCES
- newsbtc.com
RELATED
Exchange HacksCybersecuritySelf-CustodyCentralized ExchangesUser Fund Protection
Learn the concepts behind this
Clear explanations of the subjects this article touches, with every term defined.
- How do crypto wallets and self-custody work?How crypto wallets, private keys and seed phrases work, the difference between hot, cold, hardware and custodial wallets, and what self-custody actually means.
- How do you buy cryptocurrency safely?How crypto exchanges, verification, on-ramps and order types work, so you understand each step of a first purchase before you make one.