In the world of cryptocurrency, security is more than a technical function. It is the main factor of trust, without which no exchange can develop. In 2024 alone, hackers stole more than $2 billion from crypto projects, according to Chainalysis. That is why major market players are investing millions in cyber security, creating user insurance funds and introducing new technologies to combat fraud.
In the world of cryptocurrency, security is more than a technical function. It is the main factor of trust, without which no exchange can develop. In 2024 alone, hackers stole more than $2 billion from crypto projects, according to Chainalysis. That is why major market players are investing millions in cyber security, creating user insurance funds and introducing new technologies to combat fraud.
Bitget calls security the «cornerstone of trust» and is building an entire ecosystem of security tools.
The company explains that the main method of protection is minimizing the risk of online hacking.
«We store most of our users’ assets in multi-signature cold wallets. This makes unauthorized transactions virtually impossible, as access requires multiple parties to confirm,» Bitget says.
In addition, the exchange uses modern encryption methods: a combination of SHA-256 and AES-256 algorithms, as well as mandatory cloud verification to protect private keys and mnemonic phrases. Access to any wallet operations — from transfers to viewing private data — is possible only after confirmation with a password or biometrics.
Bitget has created its own User Protection Fund with a capital of about $700 million. It ensures that even in the event of an emergency, customers will not be left alone with the loss of funds.
Separately, there is another fund for Bitget Wallet users — $300 million, which insures assets against potential risks.
«We want customers to feel confident in any situation. This is our principle: the exchange takes responsibility for the safety of assets,» the company explains.
Bitget has built an ecosystem of preventive solutions that includes several unique products:
Bitget emphasizes that technical protection is only part of the picture. Many threats are related to user behavior.
«Phishing attacks and fake websites are still the most common risks. Users also often fall victim to fraudulent tokens or schemes like rug pulls, when the team disappears with all the money. Add to this malicious smart contracts, excessive permissions for DApps, weak passwords or SIM-swap attacks — and it is clear why a comprehensive approach is needed,» the company says.
Bitget advises to follow several rules:
In Ukraine, there are known cases when crypto assets were stolen even from so-called «iron safes» — hardware wallets. Bitget admits: there is no absolute protection.
«Hardware wallets are one of the most reliable tools, but they can also be stolen along with the recorded seed phrase. Therefore, it is important not only to choose the right device, but also to store backups correctly,» the company notes.
Experts advise:
«We are creating an entire ecosystem of protective tools, but no technology can replace user responsibility. Only a combination of advanced solutions and careful behavior can ensure the maximum level of security,» Bitget concludes.
