Bitget Protection Fund Reaches $309M Amid Ongoing Recovery Efforts

Bitget's Protection Fund has recovered to $309 million following a massive security breach in September. The fund was designed to provide financial support to users affected by unexpected incidents, and its restoration is seen as a positive step towards normal operations.

The security breach resulted in the loss of over $388 million from user funds. Although Bitget has frozen around $1.1 million of stolen funds, CEO Gracy Chen expressed pessimism about recovering a significant portion of the stolen funds, citing past crypto hacks and their recoveries.

In an effort to rebuild trust with users, Bitget is maintaining a reserve ratio of 131%, exceeding the industry standard. The exchange has also resumed withdrawals for major assets such as Bitcoin, Ether, and USDT, with other tokens and fiat withdrawals scheduled to follow.