Bitget Covers Losses with User Protection Fund

Bitget has announced that it will cover losses from a recent hot wallet security incident using its user protection fund.

The fund, which currently holds 5,500 Bitcoin (BTC) worth about $464 million at market prices, was created to protect user assets in situations like this. The company stated that the fund's purpose is to bear losses stemming from cybersecurity incidents affecting the broader platform.

Bitget assured users that detailed compensation coverage and eligibility conditions will be announced separately after an assessment process is completed.