Bitget Recovers from $388M Hack with $309M Protection Fund

Bitget's CEO Gracy Chen reported that the cryptocurrency exchange is gradually returning to normal operations following a security breach last time.

The breach resulted in the loss of $388 million in user funds, but Bitget has made significant progress in recovering and reimbursing users through its Protection Fund.

The fund, initially set up with 5,500 BTC in January 2022, has reached a value of $309 million and is being used to reimburse users' losses due to the breach.

The exchange still hasn't ruled out the possibility of an inside job or North Korean hackers being responsible for the attack, but it's offering a bounty program with up to 5% of the frozen funds as incentives.