Bitget CEO Says Attacker Tested Risk Controls Before $388 Million Theft

WHY IT MATTERS

When you keep cryptocurrency on a centralized exchange, you are trusting that company to protect your funds, similar to how a bank holds your money. In this case, an attacker reportedly stole $388 million from Bitget by first sending small amounts of money to test how the exchange's security systems would react, much like a burglar checking which doors are locked before breaking in. This incident is a reminder that centralized exchanges can be targets for theft, and it illustrates why many in the crypto community emphasize the importance of understanding how and where your assets are stored. "Risk controls" are the automated systems exchanges use to detect suspicious activity, such as unusually large withdrawals, and in this case, the attacker apparently found ways to work around them.