Five days ahead of its one-week pledge, Bitget rebuilt its Protection Fund with 3,705 BTC across three on-chain addresses and resumed phased withdrawals while independent forensics continue.
Bitget replenished its Protection Fund to more than $300 million (3,705 BTC) within two days of its Sept. 28 pledge, meeting the target five days early.
Withdrawals were restored in phases beginning Sept. 28 (starting with Bitcoin) with full service targeted for Oct. 2.
Forensic investigations by Mandiant and SlowMist are ongoing to trace stolen assets and assess infrastructure controls.
# What happened
Cryptocurrency exchange Bitget says it rebuilt its emergency Protection Fund to more than $300 million after a security incident on Sept. 24 that affected roughly $388 million in assets. The company fulfilled a public pledge to restore the fund within one week five days early.
# How the fund was restored
Bitget reports the Protection Fund now holds 3,705 bitcoin. Those coins are visible on-chain across three primary Bitcoin addresses holding 1,369.91 BTC, 1,199.81 BTC, and 1,134.99 BTC. Bitget framed the fund as a standalone financial buffer used to absorb the financial impact of the exploit so user account balances remained accurate and unaffected.
# Reserves and withdrawal status
Bitget published its 47th monthly Proof of Reserves on Sept. 30, which showed an overall reserve ratio of 131% across 19 covered digital assets. Each supported token in that snapshot had a reserve ratio above 100%.
Withdrawals began to reopen in phases starting Sept. 28 with Bitcoin. Bitget set a schedule to fully restore withdrawals across all tokens, fiat, and peer-to-peer services by Oct. 2.
# Ongoing investigations and remediation
Forensic cybersecurity firms Mandiant and SlowMist are conducting independent investigations to trace stolen assets and to review Bitget's infrastructure controls following the Sept. 24 incident. Bitget said the underlying vulnerability has been identified and remediated in updates reported around the same timeframe.
# What this means for users
# Concrete numbers and timeline
# Immediate takeaways for readers
Bitget CEO Gracy Chen said that a protection fund created by the company in 2022 “absorbed the financial impact of the incident“ that resulted in $388 million in user losses. The CEO of cryptocurrency exchange Bitget reported a gradual return to normal operations following a security breach that resulted in the loss of
The restored backstop is separate from customer reserves, and claims remain subject to Bitget's assessment as withdrawals reopen in phases. The post Bitget restores $300M fund after absorbing $388M security breach appeared first on CryptoSlate .
TL;DR Bitget has increased the confirmed value of assets transferred to attacker-controlled addresses from $351.6 million to about $387.5 million. The exchange says the underlying vulnerability has been identified and remediated. Withdrawals are scheduled to return in stages beginning with Bitcoin on September 28 and c
The Bitget breach announced on Thursday affected about $35 million more than previously reported, based on an analysis of assets on Zcash and TRON. Crypto exchange Bitget released an updated incident report on Thursday’s security breach, clarifying that about $388 million in assets had been affected and not $352 millio
Bitget reported an overall reserve ratio of 131% across 19 digital assets in its first Proof of Reserves snapshot following a $388 million security incident.
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