Bitget Protection Fund Reaches $309M After $388M User Loss

Bitget, a cryptocurrency exchange, is slowly recovering from a security incident that resulted in $388 million in user losses. The company's protection fund has reached $309 million to cover the financial impact.

The fund was established in January 2022 with 5,500 BTC and is designed to reimburse eligible user losses not caused by user or platform misconduct. It remains available for immediate deployment.

Bitget CEO Gracy Chen said that the protection fund has absorbed the financial impact of the incident, but responsibility for the breach has not been established.

The exchange has restored access to Bitcoin (BTC), Ether (ETH) and USDt, and is planning to resume all-token withdrawals on Friday. Bitget also launched a bounty program offering 5% of frozen funds and 5% of recovered funds.