BitGate experiences year's largest crypto theft

The Bitgate cryptocurrency platform was subjected to a cyberattack resulting in the theft of approximately $387.5 million worth of digital assets, making it the largest theft of its kind this year. The attack targeted a backend system linked to the wallet infrastructure, allowing the attackers to manipulate transaction data and deceive approval and authorization systems to breach hot wallets. The company confirmed that user balances were not affected, and the losses were limited to the assets involved in ongoing transactions. The platform suspended withdrawal operations for security assessment and enlisted specialized firms to investigate. This incident highlights the security challenges faced by cryptocurrency platforms, especially in protecting authorization systems and infrastructure, and underscores the importance of infrastructure segmentation and fortifying transaction systems against manipulation.

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