The most magical night in the history of the cryptocurrency world? A detailed account of Bitget's risk control collapse

Last night the entire circle was dominated by Bitget — some people made millions by exploiting vulnerabilities in the exchange, and the platform directly lost over 120 million USD. The most outrageous part: the same batch of API accounts operated frantically for half an hour without the system noticing, only shutting down after users reported it.

A review of this disaster:

- 2000 'phantom orders' transacting per second, with prices stuck in an infinite loop between 0.023-0.025

- 37 professionals using a three-pronged strategy of 'lightning arbitrage + cross-platform hedging' to reap profits

- Risk control failed 7 times in a row: not stopping self-transactions, not monitoring APIs, reserves running dry, emergency mechanisms paralyzed

Currently, 147 million USD is frozen, but 63 million has already been washed to privacy chains and DEXs through mixers. More critically, user trust has collapsed, with rating agencies directly removing Bitget from their whitelist.

Deep questions raised:

1. Does the exchange really treat user funds as its own treasury?

2. Is risk control just a facade in a bull market, revealing its true form in a bear market?

3. When arbitrage becomes systematic harvesting, who dares to trade contracts anymore?

This serves as a wake-up call for all platforms: stop thinking about harvesting retail investors and tighten your own belts first. Retail investors now don’t even trust exchanges; what’s left to play in this market?