Bitget Customers Withdrew Over 4,000 Bitcoins in One Hour After $388 Million Hack
(3 days ago) · 1 source · Summarized by CryptoBipto
Following a reported $388 million hack of the Bitget exchange, customers withdrew more than 4,000 bitcoins within a single hour. The large-scale withdrawals suggest a rush by users to move funds off the platform amid security concerns.
WHY IT MATTERS
When you hold cryptocurrency on an exchange, the exchange controls the private keys to your funds — similar to keeping money in a bank vault that someone else manages. If that vault is broken into, your funds could be at risk. This is why many in the crypto community use the phrase 'not your keys, not your coins,' meaning that if you do not personally control the cryptographic keys to your cryptocurrency, you are trusting a third party to keep them safe. This incident illustrates the risks of leaving large amounts of cryptocurrency on centralized exchanges and highlights why some users prefer to store their assets in personal wallets where they maintain direct control.
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- bitcoinmagazine.com
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