Hackers steal 314 million euros

One of the world’s largest cryptocurrency trading hubs, Seychelles-based Bitget, which has over 120 million active users, recently suffered a serious cyberattack. The team detected unusual transfers from several of its digital wallets, forcing them to immediately halt all withdrawals to their users.

The company's first lady, Gracy Chen, explained that the attackers only "reached" certain hot wallets during the attack. The main capital stored in cold wallets remained completely untouched and out of reach of the attackers. To cover the financial damage caused, the exchange will use its dedicated User Protection Fund, in which they have reserved more than 398 million euros. Since the fund will fully reimburse losses, trading and deposits on the platform are taking place without disruption, and withdrawals will be enabled again immediately after the security checks are completed.

Despite the swift action and assurances of full compensation, this incident once again raises legitimate doubts about the actual reliability of centralized systems. While automatic defense mechanisms and rescue funds can mitigate direct financial damage to customers, the vulnerability of online infrastructure remains a constant threat. Such cases clearly remind us that there is simply no such thing as complete security when managing online wallets and caution is always in order.