"The cold wallet is fine, but why was $387.5 million still transferred out? There are two points in the Bitget security incident that are still pretty confusing: Estimated affected funds: approximately $387.5 million. But the official statement also says: the cold wallet was not impacted. So how did the money get out? According to Bitget's currently released investigation results, the issue this time mainly involved some hot wallets and warm wallets. The attackers didn’t directly breach the cold wallet but exploited vulnerabilities in third-party security products to obtain internal access credentials. They then forged withdrawal instructions, causing the wallet system to execute abnormal transfers. Bitget has stated that private key leakage has been ruled out. This actually highlights one thing: exchange security isn’t just about “whether the private keys are well-protected.” Backend permissions, withdrawal verification, risk control systems, third-party security products—if any one of these layers has issues, it could affect the final wallet operations. This is also why exchanges typically divide assets into hot wallets, warm wallets, and cold wallets. The wallets that need to handle deposits and withdrawals more frequently are more convenient but also have greater exposure; cold wallets, on the other hand, are kept as isolated as possible from daily operations. The officially announced protection fund size this time is over $464 million, which is higher than the confirmed affected amount of $387.5 million. So the incident isn’t just about “how much money was lost.” It’s about this: Just because the safe wasn’t cracked doesn’t mean the entire system connected to the safe doesn’t have other entry points." #Bitget #CryptoSecurity #Blockchain