How Did Hackers Take $388M From Bitget Without a User Withdrawal?

Quick favor: We’re deciding what Unchained does next; new shows, stream times, what’s worth paying for. Our listener survey (https://unchainedcrypto.com/survey) takes five minutes, it’s anonymous, and I read the write-in answers myself. Everyone who takes it can enter a drawing for a free year of Unchained Premium or Bits + Bips Premium. Open through Sunday, October 18. — Laura ======================================================================== Hackers took about $388 million from Bitget after small test transfers slipped under its risk thresholds. CEO Gracy Chen walks through how the attackers used a zero-day in a third-party security product to insert fraudulent withdrawal commands into the wallet system, then erased their traces. She also lays out why her team switched wallets back on between the two rounds of the attack to sweep hot and warm funds into cold storage, even though it gave the hackers a second window. ======================================================================== Host: 👉 Laura Shin - Founder, CEO and Host of Unchained - https://x.com/laurashin Guest: 👉 Gracy Chen - CEO of Bitget - https://x.com/GracyBitget ======================================================================== This clip is from a longer conversation on the $388 million Bitget hack and its aftermath. Full episode here: https://youtu.be/zHIuaLddK10?si=aE3Zjpaa-3Oq9Ylh We go live twice every week - subscribe to catch it live. ======================================================================== 👉 Visit 1inch to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at https://unchainedcrypto.com/go/1inch-yt ======================================================================== Chapters: 🧪 00:00 How 0.48 ETH and 93 TRX test transfers slipped past risk controls 🔓 01:55 How a third-party zero-day let attackers fake withdrawal commands 🧹 02:44 Why erased traces made the root cause harder to find 📡 03:25 Why Gracy chose to go live quickly and face the community directly ⏱️ 05:25 Taylor Monahan's question: why the transfers spanned nearly 3 hours ❄️ 06:49 Why Bitget switched wallets back on to sweep funds into cold storage 🔥 07:57 Why a hot-wallet hack is harder to trace than Bybit's cold-wallet breach ======================================================================== #bitcoin #ethereum #crypto #cryptocurrencies ======================================================================== Subscribe to our channel! Website → https://unchainedcrypto.com Unchained Daily Newsletter (FREE!)→ https://unchainedcrypto.beehiiv.com/subscribe/ Unchained X → https://x.com/unchained_pod Apple → https://podcasts.apple.com/us/podcast/id1123922160?ls=1 Spotify → https://open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf?si=6SI4qIcRTEO7EhOe0V9n4w RSS Feed → https://feeds.megaphone.fm/LSHML4761942757 Unchained: Your no-hype resource for all things crypto!