Bitget's Hack Wipes Out Nearly 84% of Its User Protection Fund

Bitget's $388 million hack has put its User Protection Fund to the test. The exchange recently raised its estimate of assets transferred to attacker-controlled addresses from $351.6 million to $387.5 million, which is approximately 83.5% of its protection fund.

The fund holds around $464 million in value, but its actual size fluctuates with Bitcoin's price. If the total amount lost exceeds the reserve, Bitget would need to replenish it to meet its commitment of $300 million.

Bitget has identified the attack path and remediated the underlying vulnerability, and no further unauthorized transfers are possible. The exchange is working closely with Mandiant and SlowMist on the investigation and security checks.