🚨 Yesterday, news broke that Bitget suffered a crypto security breach involving around $387 million worth of assets. The initial estimate was around $351 million, but after additional assets were included, the estimate increased to approximately $387.5 million.
This incident once again reminds us that no exchange or wallet should ever be considered 100% safe. Today it happened to Bitget, but tomorrow it could happen to another exchange or wallet.
That’s why you should never keep all your funds on a single exchange or in a single wallet. Spreading your funds across different platforms can help reduce your overall risk.
Remember, no exchange or wallet can guarantee complete security forever. In crypto, security is not only the platform’s responsibility. Managing and protecting your own funds properly is equally important.
According to Bitget, part of its hot and warm wallet infrastructure was affected, while cold wallets were not impacted. Bitget says the vulnerability has been identified and fixed, and the investigation is still ongoing.
One important question remains: Will affected users get their funds back? Bitget says its User Protection Fund has more than $464 million, but a specific reimbursement plan for affected users has not yet been announced.
In the end, crypto is not just about making profits. Fund security and proper risk management should always be a priority.
Do you keep your crypto funds on one exchange, or do you spread them across different platforms?