Bitget Hack: $100 Million Exploit Highlights Risks of Centralized Exchanges

Cryptocurrency exchanges are facing a renewed challenge as $100 million was stolen from Bitget, highlighting the vulnerability of centralized platforms. This exploit is attributed to a malfunctioning market-making bot, revealing the risks associated with automated trading and the lack of security measures in some CEXs. 20 April saw traders capitalize on an error, exploiting arbitrage opportunities to amass substantial profits before the exchange recognized the issue. The incident raises concerns about the need for robust controls and regulatory oversight within the crypto space.