Bitget has restored its Protection Fund to $300 million or more, fulfilling a commitment made following a security incident on September 24 that resulted in an estimated $388 million in affected assets. The cryptocurrency exchange announced the replenishment on September 30, stating that user account balances remained accurate and unaffected throughout the incident.
- Protection Fund Target: $300 million
- Estimated Impact of Security Incident: $388 million
- Fund Establishment Date: 2022
- Initial Fund Composition: 5,500 BTC
- Replenishment Timeline: September 28 commitment fulfilled by September 30
Bitget established the Protection Fund in 2022 as an additional safeguard for user assets, initially capitalized at $300 million backed by 5,500 Bitcoin. The exchange designated the fund to offset financial exposure from the September security incident, maintaining regular monitoring and public disclosure of the reserve. The company committed on September 28 to restore the fund to at least $300 million within seven days.
The Protection Fund operates on-chain with full transparency and traceability. Bitget users can independently verify the fund’s status by visiting the Protection Fund page and examining associated wallet addresses to confirm on-chain holdings. This structure allows for third-party verification of the reserve’s adequacy.
Bitget positions itself as the world’s largest Universal Exchange, offering a range of trading and asset management services to cryptocurrency market participants globally.
