Bitget Says $388M in Assets Affected by Security Breach
(7 days ago) · 1 source · Summarized by CryptoBipto — how we make this
Cryptocurrency exchange Bitget has disclosed that approximately $388 million in assets were affected by a security breach. The company has issued a public clarification regarding the scope and nature of the incident.
WHY IT MATTERS
When you store cryptocurrency on an exchange, the exchange holds your funds for you, similar to how a bank holds your money. If that exchange gets hacked, your assets could be at risk. This incident at Bitget reportedly involved $388 million worth of crypto assets, which is a very large amount. It serves as a reminder that keeping funds on a centralized platform means trusting that platform's security. In crypto, the phrase 'not your keys, not your coins' refers to the idea that if you do not personally control the private keys to your crypto wallet, you are relying on someone else to protect your assets.
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