Bitget’s $352 million breach tests its backstop
Bitget’s $352 million breach tests its backstopWithdrawals remain paused; recoveries and Bitcoin’s price will determine how much of the protection fund is needed.
Bitget’s $351.6 million breach has left customers waiting for withdrawals while the exchange works out the final cost of making them whole. The loss could consume roughly three-quarters of the protection fund’s reported dollar value before recoveries. Bitget says it can cover the damage, but the amount ultimately charged to the fund remains unknown. Coinbase’s fixed-rate loans also make access to collateral depend on repayment timing: healthy Bitcoin collateral can face liquidation after maturity. NYSE is lining up Blockchain.com as a route into tokenized shares, with regulatory approval and launch details still outstanding. Top News
Source illustration. Bitget reports a fund worth more than $464 million; the artwork’s $300 million marker is not its stated current balance, and no post-loss balance has been confirmed. Bitget’s North Korea-linked $352 million hack could drain 76% of its protection fundBitget says North Korean hacking techniques match the September 24 breach, but its external security firms have not independently confirmed attribution. Its 5,500 BTC protection fund was valued above $464 million in September 25 reporting; the exchange says it will replenish the fund after covering losses. Bitget also reports that some attacker addresses have been frozen, while cold wallets and its separately operated self-custodial Bitget Wallet were unaffected. Coinbase’s fixed-rate Bitcoin loans can put healthy collateral at risk after maturityCoinbase’s fixed-rate Bitcoin-backed USDC loans become eligible for liquidation strictly after maturity if debt remains unpaid, even with healthy collateral. Early repayment does not reduce interest owed; variable-rate loans have no set due date. NYSE is assembling the pipes for a $5.5 trillion tokenized asset marketBlockchain.com’s September 23 agreement could connect users to NYSE’s planned tokenized-stock venue, subject to regulatory approval. Launch timing and eligibility remain undisclosed; Citi’s $5.5 trillion market estimate is a forecast for 2030. From Our Sponsor
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Elsewhere in CryptoBitget’s $351.6 million hack pushes September crypto losses to 2026 highSeptember’s reported gross losses exceed April’s total; recoveries could change the eventual cost of the attacks. Bitcoin researchers target privacy coins with Zcash-style shielded transfersThe proposed privacy layer still lacks specified BTC entry and exit mechanisms; some transaction metadata would remain visible. Crypto’s bear market wiped out over $2 trillion, yet on-chain activity held above $9 trillionChainalysis reports resilient activity through June 30, while wallet transfers alone cannot establish recurring commercial payments. Australia just got a real-world look at what happens when an AI refuses to stopAustralia is reviewing reporting duties and enforcement after unauthorized access; investigators have found no evidence of compromised personal information. Why TRON’s $30 trillion lifetime volume could become a trapThe lifetime total includes wallet and exchange movements, leaving merchant-payment volume uncertain as regulated products expand. The Catalyst by CryptoSlateWhat’s moving crypto. Why it matters. What to watch next. CryptoSlate has covered crypto, markets, and decentralized technology since 2017. Read CryptoSlate · Tips, questions & corrections · Sponsor The Catalyst For information, not investment advice.
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