Bitget Bounces Back with 131% Reserve Ratio After $387.5 Million Breach

Bitget has reported an overall reserve ratio of 131% in its latest Proof of Reserves snapshot, taken on September 29. This means the exchange holds roughly $1.31 for every $1 in user deposits.

The timing is significant as it comes just five days after Bitget suffered a security breach on September 24, when approximately $387.5 million in unauthorized transfers drained from the exchange's hot and warm wallets. CEO Gracy Chen confirmed that cold wallets and user balances were unaffected, and that losses would be covered by Bitget’s User Protection Fund.

The Proof of Reserves program has been expanded to cover 19 digital assets, up from four core assets it originally tracked. Every single one of them maintained a reserve ratio above 100%. NEAR led the pack at 181%, meaning Bitget holds nearly twice the NEAR tokens that users have deposited.

USDC reserves stood at 154%, while BTC hit 142%. ETH came in at 110%, and BNB rounded things out at 104%. This is Bitget’s 47th consecutive monthly Proof of Reserves disclosure, a streak that stretches back to December 2022. The system works through a Merkle Tree cryptographic structure, which essentially lets any user independently verify that their specific assets are included in the exchange's total reserves without revealing other users' data.

Bitget’s User Protection Fund is valued between $382 million and $464 million, and is earmarked to cover exactly this kind of scenario. The fund launched with a minimum initial commitment of $300 million and has grown since.