Bitget CEO Addresses $387 Million Exchange Hack in Interview
(3 hours ago) · 1 source · Summarized by CryptoBipto
Bitget CEO Gracy Chen has spoken publicly about a reported $387 million hack affecting the cryptocurrency exchange. The interview covers the exchange's response to the incident and questions about the platform's security going forward.
WHY IT MATTERS
When you store cryptocurrency on an exchange, you are trusting that company to keep your funds safe, similar to how a bank holds your money. Unlike traditional banks, however, most crypto exchanges are not backed by government insurance programs like the FDIC. A hack is when attackers find a way to break into the exchange's systems and steal funds. A $387 million hack is a significant event because it raises questions about whether user deposits are secure. This is why many experienced crypto users talk about 'self-custody,' which means holding your own crypto in a personal wallet rather than leaving it on an exchange. The phrase 'not your keys, not your coins' refers to the idea that if you do not control the private keys to your cryptocurrency, you are relying on someone else to protect it.
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- beincrypto.com
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