Bitget Reopens Withdrawals as Protection Fund Surpasses $300M
Bitget has made significant progress in recovering from a recent attack on its hot wallets. The exchange has reopened withdrawals for Bitcoin, Ether, and USDT, and the customer Protection Fund has been refilled to above $300 million. According to Bitget, customer balances were never affected by the attack, and the loss of around $388 million was absorbed by the Protection Fund.
The company had pledged to restore the fund to at least $300 million within a week, and it exceeded that goal two days ahead of schedule. The 47th proof of reserves report also showed 131 percent coverage across 19 coins, with every single coin above 100 percent. This means that for every bitcoin customers hold on the exchange, Bitget keeps more than one bitcoin in its wallets.
Deposits of $231 million came in within 24 hours, indicating a strong level of confidence from customers in the exchange's security measures. Bitget has also announced that withdrawals will reopen for all remaining coins, fiat, and P2P trading on October 2 at 8:00 UTC.
According to CEO Gracy Chen, the attack ran through a flaw in a bought-in third-party security product, but further unauthorized transfers are no longer possible. The company is working with security firms Mandiant and SlowMist to investigate the incident and has announced a reward for tips that lead to the recovery of stolen funds.