Bitget Raises Hack Loss Estimate to $387.5 Million, Outlines Withdrawal Restart Plan
(5 days ago) · 1 source · Summarized by CryptoBipto
Cryptocurrency exchange Bitget has increased its estimate of losses from a recent hack to $387.5 million. The exchange has announced a plan to restart withdrawals, though the timeline and full details of the incident are still developing.
WHY IT MATTERS
When you store cryptocurrency on a centralized exchange, the exchange holds your funds for you, similar to how a bank holds your money. If that exchange gets hacked, your funds could be at risk. This incident at Bitget, with losses estimated at $387.5 million, is a reminder of the risks of keeping crypto on exchanges rather than in personal wallets that only you control. A personal wallet, sometimes called a "self-custody" wallet, gives you direct control of your private keys, which are like the passwords that prove ownership of your crypto. While exchanges offer convenience, events like this illustrate why many in the crypto community emphasize the saying "not your keys, not your coins."
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- newsbtc.com
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