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Bitget restores $300M protection fund after security breach impact
The exchange says the fund absorbed about $388M in impact from a Sept. 24 breach, with withdrawals set to reopen in phases while claims remain subject to Bitget’s assessment.
Bitget said on Sept. 30 that it restored its Protection Fund to more than $300 million after absorbing the financial impact of a Sept. 24 security breach, per CryptoSlate.
The exchange described the Protection Fund as an added safeguard for customers that is separate from reserves backing customer account balances, and it said customer balances remained accurate and unaffected.
Bitget said it fulfilled a Sept. 28 pledge to bring the fund back to at least $300 million within a week, completing the replenishment two days after that commitment, though it did not quantify any new capital contributed.
Under the fund conditions, users may submit claims if accounts are compromised or if assets are stolen or lost through platform-wide events not attributable to their own actions, but Bitget retains discretion to investigate and determine outcomes, and eligibility to claim does not guarantee reimbursement of a particular loss.