Bitget CEO Says $352 Million Hack Used Spoofed Transfers, Not Stolen Private Keys
(7 days ago) · 1 source · Summarized by CryptoBipto
Bitget CEO Gray Chen stated that the exchange's $352 million hack was carried out through spoofed transfers rather than a compromise of private keys. The distinction suggests attackers manipulated the transaction process itself rather than gaining direct access to the exchange's cryptographic keys. The full details of the incident and recovery efforts remain under investigation.
WHY IT MATTERS
When you store cryptocurrency on an exchange, the exchange holds the 'private keys' — essentially the master passwords that control the crypto wallets. A hack that steals private keys is like someone copying the master key to a bank vault. What Bitget's CEO is describing is different: he says attackers instead forged fake transactions, more like someone slipping a counterfeit check past a bank teller. This distinction matters because it points to different kinds of security failures. For beginners, this incident is a reminder that keeping large amounts of crypto on any exchange carries risk, since exchanges can be targeted in various ways. The phrase 'not your keys, not your coins' is a common saying in crypto, meaning that if you do not personally hold your private keys (for example, by using a hardware wallet), you are trusting someone else to protect your funds.
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- coindesk.com
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