Bitget Restores Protection Fund to Over $300M Following September Security Breach

Bitget announced on September 30 that it has restored its Protection Fund to over $300 million, following a security incident that occurred on September 24. The breach had a financial impact estimated at $388 million, but the exchange confirmed that customer account balances remained accurate and unaffected.

The Protection Fund serves as an additional safeguard for users, distinct from the reserves that back account balances. Bitget fulfilled its commitment to replenish the fund within a week, completing the process two days ahead of schedule. However, the announcement did not specify the amount of new capital contributed to the fund.

Details of the Protection Fund

According to Bitget's published conditions, users can submit claims if their accounts are compromised or if assets are lost due to platform-wide events not related to their actions. The exchange retains the right to assess claims and investigate affected accounts, meaning that eligibility to submit a claim does not guarantee reimbursement.

As of September 29, Bitget reported a reserve ratio of 131% across 19 covered assets, indicating that each asset is backed by more than 100%. The exchange's protection fund is publicly traceable on-chain, allowing users to verify the assets.

Withdrawal Restoration Timeline

Bitget has also been restoring withdrawal services in phases. On September 28, BTC withdrawals were reopened, followed by ETH and several EVM networks on September 29, and USDT across major chains on September 30. Other cryptocurrencies, fiat, and peer-to-peer services are scheduled to resume on October 2.

While the restoration of the Protection Fund is a significant milestone, it does not conclude the incident. Investigations and asset recovery efforts may continue, and Bitget has published attacker addresses and a recovery-bounty framework as part of its response.