Bitget Replenishes Protection Fund After $388M Security Breach
Bitget's Protection Fund has been restored to over $300 million after absorbing the financial impact of its September 24 security breach, which was estimated at approximately $388 million. The fund serves as an additional safeguard for customers, separate from their account balances.
The exchange had pledged to replenish the fund within a week and met that commitment by bringing it back above $300 million in just two days. However, customer reserves remain unaffected by the breach, with Bitget reporting a 131% reserve ratio across 19 covered assets as of September 29.
Although customer reserves were not impacted, withdrawals have been phased to reopen, starting with USDT on Ethereum, BSC, Solana, and Tron networks. Remaining cryptocurrencies, fiat, and peer-to-peer services are expected to become available on October 2 at 08:00 UTC.