Bitget's issue this time isn't something as simple as losing private keys. Third-party tools were poisoned, fake transfer intents were created, the signing machine signed as usual, and the hot wallet strategy engine collectively took a vacation. The $192M on-chain is just the labeled portion; internal accounting shows $351.6M, which proves that the PoR address set you disclosed was never the real attack surface. Halting all withdrawals while continuing to accept deposits isn’t user protection—it’s spreading the custody gap across everyone who still can’t withdraw. The $464M protection fund isn’t insurance; it’s an unaudited self-guarantee. The lesson from Mid-Autumn night boils down to one sentence: CEX balances are IOUs, and the signing path is in someone else’s hands.