Bitget’s $352 Million Hack Could Consume 76% of Protection Fund
A full reimbursement would leave roughly $112.4 million, below Bitget’s stated $300 million minimum for the fund.
Bitget’s preliminary $351.6 million wallet breach could consume about 76% of its User Protection Fund, leaving the exchange below its stated $300 million minimum if the full amount must be reimbursed.
Bitget detected unauthorized transfers from hot and warm wallets at 2:31 p.m. ET (18:31 UTC) on Sept. 24. The exchange said its Protection Fund held more than $464 million and would cover the loss.
Using $464 million as a reference value, reimbursing $351.6 million would leave roughly $112.4 million. The final amount taken from the fund remains unsettled as Bitget works to track the assets and assess potential recoveries.
Withdrawals were suspended during the security review, while deposits and trading remained available. Bitget said cold wallets were secure and that its separate self-custodial Bitget Wallet was unaffected.
The fund is backed by 5,500 Bitcoin (BTC). Bitget is working with Mandiant and SlowMist as the investigation continues.
