Bitget Replenishes Emergency Protection Fund After $388M Security Breach

Crypto exchange Bitget has replenished its emergency Protection Fund to over $300 million after a significant security breach on September 24. The fund, which absorbed the financial impact of the exploit, now holds 3,705 Bitcoin valued at approximately $309 million across three publicly verifiable on-chain wallet addresses.

Bitget committed to bring the reserve back to at least $300 million within seven days and has fulfilled its pledge five days ahead of schedule. The fund operates as a standalone financial buffer separate from the assets backing daily user account balances.

The exchange has also emphasized that it is continuing to restore withdrawal services, which began on September 28 with Bitcoin and is scheduled to conclude on October 2 across all tokens, fiat currencies, and peer-to-peer services. Forensic cybersecurity firms Mandiant and SlowMist are conducting independent investigations to trace stolen assets.