Bitget Protection Fund Reaches $309M After $388M User Loss
The exchange has restored access to Bitcoin, Ether and USDt, with withdrawals for all tokens scheduled to resume Friday.
Bitget is gradually restoring normal operations after a security incident caused $388 million in user losses, with its protection fund reaching $309 million to cover the financial impact.
The exchange has restored access to Bitcoin (BTC), Ether (ETH) and USDt. Withdrawals for all tokens are scheduled to resume Friday.
Bitget CEO Gracy Chen said the protection fund, created in January 2022 with 5,500 BTC, absorbed the financial impact of the incident. The fund was established to reimburse eligible user losses not caused by user or platform misconduct and remain available for immediate deployment.
Bitget also launched a bounty program offering 5% of frozen funds and 5% of recovered funds. The exchange has not ruled out possible involvement by insiders or North Korean hackers, but responsibility for the incident has not been established.
The next concrete step is the planned resumption of all-token withdrawals Friday.
