🚨 UPDATE: Gracy Chen (Gracy Chen @Bitget) explains how hackers managed to steal over $380 million from the crypto exchange. #CHAINREACTION

@GracyBitget She looks so cute 🐸

@GracyBitget Crypto security just got a brutal reality check

@GracyBitget I think the honest reaction should've been that they didn't pause withdrawals, the backlash of withdrawals was quite big. I remember Bybit hack, they refunded losses immediately and dealt with it swiftly.

🦈 🚨 WE NOW KNOW HOW HACKERS STOLE NEARLY $388 MILLION FROM BITGET. CEO Gracy Chen says the attacker exploited a zero-day vulnerability in a third-party security product and managed to obtain high-level internal credentials. Then came the real attack. The hackers reportedly: • Tested Bitget’s defenses with tiny transfers first • Stayed below risk-control thresholds • Used stolen internal credentials • Injected fraudulent withdrawal commands • Drained assets from hot + warm wallets across multiple chains And the important part: Bitget’s private keys were NOT compromised. Its cold wallets were also unaffected. The weakness was deeper inside the exchange’s wallet backend and authorization infrastructure. The total impact is now estimated at roughly: $387.5 MILLION. Bitget says its $464M+ User Protection Fund is large enough to absorb the entire loss and keep customer balances intact. The attack is also being investigated for possible links to North Korean hacker groups, based on behavioral and on-chain patterns. This is another brutal reminder: You can protect the private keys... …but if an attacker compromises the SYSTEM that tells those keys what to authorize, you can still lose hundreds of millions. Crypto security is becoming an arms race. And the attackers are getting more sophisticated. 🦈

@GracyBitget massive breach.

@GracyBitget A $380M exchange hack is a sharp reminder that custody risk is real, so I keep my funds off exchanges where I can and my leverage at zero. You and @mlkbfrey are the two accounts I'm always glad to see on my feed.