Bitget lost $387 million Only $318K was frozen Cold wallets weren’t touched, private keys weren’t compromised In Tuesday’s USDe post, I said the bailout depends on others—this time it’s the exchange’s process that’s at fault The attacker accessed the wallet backend Forged a transaction to trick the exchange’s approval process into releasing funds All the reinforced keys and safes from recent years? Useless One transaction swapped $19.67M into 7,111 $ETH in six minutes Even paid a 5% premium—stablecoin issuers can freeze funds, but Ethereum can’t Circle froze 100K $USDC, and Tether followed seven hours later Meanwhile, 68K $ETH is sitting in nine wallets, untouched by anyone Protection fund is $464M, coverage ratio down to just 1.2x I’ve moved my spot holdings back to self-custody, leaving only a week’s worth for trading on exchanges If something happens again, it’ll likely be a process issue, not a key issue