Bankless · Friday, October 2, 2026
Bitget, a major offshore crypto exchange, experienced a hack resulting in $387 million in losses from its hot wallets. While user funds are reportedly protected by Bitget's insurance fund, the incident has reignited discussions about the nature of permissionless systems. Near Intense, a cross-chain transfer application, managed to block a portion of the stolen funds, but this action sparked a debate on whether such systems should have the ability to intervene, questioning the definition of true permissionless infrastructure.
“Also, there was a $400 million BitGet hack. We had an exchange hack on Friday of last week.”
“And so attackers spoofed internal transfer data and drained hot and warm wallets across multiple chains.”
“So $166,000 did get through, but it blocked about $503,000.”
“And so what's the debate in the crypto community as to whether you should have the authority to do this or is it a debate around neutrality?”