Bitget Rebuilds, Resumes Withdrawals After $388M Breach

Bitget, a cryptocurrency exchange, has resumed normal operations after a significant security breach in which $388 million was stolen. The company's Protection Fund, designed to help users recover losses due to security breaches, has been rebuilt to over $309 million.

This figure is substantial enough for the exchange to resume withdrawals for major assets like Bitcoin, Ether, and USDT. In addition, $1.1 million in stolen funds have been frozen by authorities.

The Protection Fund's recovery, combined with a 131% reserve ratio, has given Bitget confidence to restore normal operations. This includes allowing users to withdraw their funds, which had initially been halted following the breach.