Bitget Hack Raises Concerns Over Exchange Safety

Bitget CEO Gracy Chen described the impact on daily operations and profitability as limited. A couple of institutional clients withdrew large sums when Bitcoin withdrawals reopened, but customers had since begun returning. Inflows exceeded outflows when USDT withdrawals resumed, according to Chen.

Chen emphasized the importance of collaboration between exchanges and protocols to prevent future attacks. She rejected the suggestion that THORChain was chiefly responsible for exchange hacks and pointed to NEAR Intents as an example of action taken where the infrastructure allowed it.

Steps Taken by Bitget to Improve Security

Chen described isolating affected systems and resetting internal credentials. The exchange had also tightened access to sensitive systems and introduced additional approvals for withdrawals. Checks on outside security products were also strengthened.

The Role of Exchanges and Protocols in Preventing Hacks

Chen emphasized that exchanges should work with protocols to make laundering harder, while acknowledging responsibility for their own security. She discussed preliminary talks with exchanges and major protocols to form an alliance against these attacks.

Challenges in Preventing Future Attacks

Chen acknowledged the difficulty of aligning participants' interests and the need for companies to disclose more about their internal security. She emphasized that sharing useful intelligence would require a balance between disclosure and secrecy.

Conclusion

The interview with Gracy Chen highlights the importance of collaboration and transparency in preventing future attacks. Bitget's steps to improve security are a positive step, but more needs to be done to prevent similar attacks in the future.