Analysts Compare Bitget's $351.6M Hack to FTX Collapse
- —Bitget paused withdrawals after $351.6 million was drained from hot and warm wallets
- —Cold storage was untouched and private keys were not compromised, CEO Gracy Chen said
- —The 5,500 BTC protection fund averaged $382 million in August 2026
- —Bitget has published monthly Merkle-tree proof of reserves for 46 straight months, with a 135% total reserve ratio across 19 assets
Why it matters: Whether Bitget resumes withdrawals smoothly and covers the loss from its fund will shape trust in the exchange and set transparency benchmarks for the wider market.
Source: The Crypto Times