Bitget loses $351.6 million to hackers, so why is BGB barely flinching? Follow up.

The useful part

The attacker still controls roughly 24,590 ether across three wallets created during the breach. That is a potential source of selling pressure on ETH if the funds are sold rather than laundered through privacy tools. For BGB, most of the price is set on Bitget's own platform, so quotes elsewhere may lag any shift in sentiment until withdrawals reopen.

How it works

• When they do, rival exchanges could see inflows if some users decide to move their funds.
• Bitget says its User Protection Fund, which holds more than $464 million, covers the full $351.6 million loss and that customer balances are unaffected.
• The first days after the reopening are likely to tell traders more than the overnight moves.
• Summary: BGB was trading around $1.963 early in the Asian session on Friday, about 3% to 5% below its $2.02 to $2.06 range before the hack.
• Bitget has published proof-of-reserves reports for 45 consecutive months, most recently a 122% reserve ratio for August.

What to take from it

Deposits and trading continue, but withdrawals remain frozen, and much of BGB's trading happens on Bitget itself. Transfers out of Bitget wallets continued for nearly three hours after the exchange says it detected the breach. Bitget's exchange token, BGB, is holding up far better than a $351.6 million hack might suggest.

Details worth keeping

The incident report is due by 21:30 UTC on 25 September.