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Bitget Recovers from $388M Breach as Protection Fund Reaches $309M

Guavy AI Editorial Team
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Bitget is gradually returning to normal operations following a security breach that resulted in $388 million of user funds being lost. CEO Gracy Chen reported on X that withdrawals for all tokens will resume on Friday, with access already restored to users' Bitcoin (BTC), Ether (ETH), and USDt (USDT) funds.

The exchange's 'Protection Fund', which was set up in January 2022 with 5,500 BTC, has reached $309 million. The fund is intended to reimburse users for potential losses not caused by misconduct from the user or the platform itself.

Chen emphasized that the Protection Fund absorbed the financial impact of the incident and remains available for instant deployment when needed.

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