387.5 million dollars at Bitget: the attack ran through a bought-in security product, what to watch now

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Bitget has disclosed how the attackers reached its withdrawal systems on September 24: through a previously unknown flaw in a security product it had bought in. The second stage of the withdrawal schedule opens today at 08:00 UTC, and for the balance you keep on any exchange the case changes the arithmetic.If you keep a balance on a centralised crypto exchange, the Bitget case has read differently since September 28. The exchange's own keys were not cracked, and no cold wallet was emptied. The attacker came in through a security product that Bitget itself had bought, and used that product's privileges to pose as an administrator. On the figures published so far, the damage lies between $387.5 million and $388 million. For you, that means the question of whether an exchange is well secured does not hang on its own technology alone, but on every supplier it lets inside its systems. This article sets out the attack path, names the documented figures and the schedule under which wit...