At first I was honestly skeptical about the whole Bitget situation
Around $170M was moving from wallets linked to the exchange and CT instantly started calling it a hack, while I was sitting there thinking there has to be more context before we jump to conclusions
Then Gracy Chen came out and confirmed unauthorized transfers had actually happened, with the total amount affected now estimated around $351.6M
And then it got even more interesting
She says the investigation found IP addresses matching VPN services associated with a DPRK-linked group, and that the attack pattern looked similar to previous North Korean operations
She also said Bitget doesn’t believe it was an inside job
So yeah this went from “weird wallet movements” to a confirmed $351.6M security incident VERY quickly
Crypto markets don’t need much to turn fear into a full-blown selloff
One headline → panic
Panic → withdrawals
Withdrawals → more panic
That’s how these things can snowball
So I’m watching this one carefully rn