Bitget restores protection fund above $300 million

• Bitget has replenished its Protection Fund above $300 million.
• The fund absorbed an estimated $388 million impact from the September 24 incident.
• Bitget has resumed withdrawals progressively while forensic investigations continue.

Bitget has replenished its Protection Fund above $300 million after a September 24 security incident.

The exchange had pledged to restore the fund within one week after allocating it against the incident’s estimated $388 million impact.

“The past few days have been difficult for our users, so it was important for us to show that the safeguards we put in place actually work,” Bitget CEO Gracy Chen said in a statement.

Bitget restored the fund two days after committing to rebuild it to at least $300 million.

The fund was established in 2022 with 5,500 BTC and a minimum value of $300 million.

Bitget has progressively resumed withdrawal services while Mandiant and SlowMist investigate the security incident.

The Protection Fund remains separate from reserves backing user balances, while Bitget’s latest Proof of Reserves covered 19 assets above 100%.

Following the update, Bitget’s Protection Fund stood above its $300 million minimum.