Bitget Reopens Bitcoin Withdrawals After $387M Hack, ETH and USDT Still Paused
(4 days ago) · 1 source · Summarized by CryptoBipto
Bitget has announced that Bitcoin withdrawals have been restored following a $387 million hack. However, withdrawals for Ethereum and USDT remain suspended as the exchange continues to address the incident.
WHY IT MATTERS
When you keep cryptocurrency on an exchange, the exchange holds your funds for you — similar to how a bank holds your money. If the exchange gets hacked, your funds could be at risk. This incident is a reminder of a common saying in crypto: "not your keys, not your coins," meaning that if you do not control the private keys to your cryptocurrency (for example, by using a personal hardware wallet), you are trusting the exchange to keep your assets safe. A withdrawal pause means users temporarily cannot move their funds off the platform, which can be stressful, especially during a security incident. The fact that some assets like Bitcoin have been reopened while others like ETH and USDT remain paused suggests the exchange is restoring services gradually as it works through the situation.
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- cryptoslate.com
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