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Bitget Lost $387M to a Zero-Day: Muneeb Runs Stacks Labs, Anchorage Adds Bitcoin Staking
Published 1 week, 1 day ago
Description
Hackers used zero-day flaws in Bitget's third-party security tools to make $387M in withdrawals look like internal transfers, and a $464M protection fund made every user whole. Plus Muneeb takes over Stacks Labs, Anchorage clients can stake Bitcoin, and we ask whether a fruit fly brain can mine Bitcoin.
In this episode of Good For Bitcoin, Brandon and Kate discuss:
- Bitget lost $387M from its hot and warm wallets. Attackers used zero-day flaws in third-party security tools to write withdrawals into the backend that looked internally generated. Cold wallets were untouched, and a $464M protection fund covers every user. Kate notes on-chain patterns match North Korea-linked attackers.
- NEAR Intents lost about $3.8M in USDT through a bug on BNB Chain, patched it within an hour, called out the attacker, and got the funds back.
- Adam Back replied to last week's clip: 25,000 BTC versus 0.6 BTC. Brandon's answer: it was a joke, and Adam is welcome on the show anytime.
- Anchorage Digital clients can now fund a Bitcoin bond on Stacks from their Anchorage account and earn BTC rewards self-custodially.
- Muneeb becomes CEO of Stacks Labs in mid-October, focused on Bitcoin capital markets, privacy, and post-quantum. Kate says STX nearly doubled on the news.
- A shielded Bitcoin white paper promises private L1 transfers with no soft fork, operators, or bridges. The peg-in and peg-out design is saved for part two, so Brandon is reserving judgment.
- Coinbase launched fixed-rate USDC loans backed by Bitcoin. Your BTC can still be liquidated on LTV or a missed due date.
- Can a fruit fly brain mine Bitcoin? A mining hardware maker claims real neurons could hash 10 times more efficiently than today's ASICs.
- Blink Wallet custodial accounts were drained and customers made whole, and a French family was held in a crypto extortion attempt. Brandon's wrench-attack advice: time delays and multisig.
- Quick headlines: SoFi settles its $25B card program in stablecoins on Mastercard's network, the SEC proposes looser adviser custody rules, and Treasury's first GENIUS Act rule sends stablecoins over $10B to federal oversight.
- Treasury tracker: Strategy holds 847,666 BTC, back above its pre-summer-sales stack, and repurchased $152M of STRC. Strive +1,107 (27,462), Capital B +13 (3,538), and Metaplanet sat out an 11th straight week.
- Follow the show on X: @goodforbtc.
Hosts:
- Brandon Marshall — @marshallmixing
- Kate Parkman — @katemparkman
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