Bitget said it has replenished its user Protection Fund to more than $300 million, calling the move another step in its response to the Sept. 24 security incident.
The exchange said user account balances were protected throughout the incident response process, and withdrawal services have been resuming in stages. It also said the Protection Fund has been restored to at least $300 million, with the related assets publicly verifiable on-chain for users who want to check the status of that additional financial backstop.
Fund restored after Sept. 24 incident
According to Bitget, the Protection Fund was established in 2022 with an initial size of 5,500 BTC. The company said the fund is maintained at a minimum value of $300 million and is intended to provide extra protection for users in special situations.
Bitget said that after the Sept. 24 incident, it designated the fund to absorb about $388 million in financial impact, ensuring that user account balances remained accurate and unaffected. On Sept. 28, the company pledged to restore the fund to at least $300 million within one week, and said it fulfilled that commitment two days later, ahead of schedule.
Bitget CEO Gracy Chen said, 「The past few days have not been easy for our users, so we wanted to show through concrete action that the existing protection mechanism works. The user Protection Fund was created for moments like this and has already absorbed the financial impact from this incident. We promised to restore the fund to at least $300 million within one week, and we have done so. Since the fund was established, users have always been able to verify its status themselves through on-chain information.」
Protection Fund kept separate from reserve assets
Before the replenishment was completed, Bitget said it had already resumed withdrawals in stages and was continuing its investigation into the Sept. 24 incident.
The company said it had engaged independent cybersecurity firms Mandiant and SlowMist to take part in the forensic investigation, while it continued work on tracing and recovering funds.
Bitget said the user Protection Fund operates separately from the reserve assets used to back user account balances. In its description, Proof of Reserves, or PoR, shows the reserve status of user assets included in the verification scope, while the Protection Fund serves as an additional financial safeguard.
Latest Proof of Reserves covers 19 assets
Bitget said it published its latest Proof of Reserves on Sept. 30. In that snapshot, the 19 covered assets all showed reserve ratios above the 100% benchmark, continuing to provide more than 1:1 reserve coverage for user assets included in the review.
The exchange said users can verify the relevant assets on-chain through wallet addresses disclosed on the Bitget user Protection Fund page.
About Bitget
Bitget was founded in 2018. The company described itself as the world’s largest Universal Exchange, or UEX, serving more than 125 million users and offering trading in more than 2 million crypto tokens, as well as more than 500 tokenized stocks, ETFs, commodities, foreign exchange products and precious metals including gold.
Bitget said its ecosystem is built to help users trade more intelligently through AI agents that can assist with trade execution. The company also said it continues to promote crypto adoption through strategic partnerships including MotoGP, and that it is working with UNICEF with a goal of providing blockchain education support to 1.1 million people by 2027.
Bitget added that it currently holds a leading position in the tokenized traditional finance, or TradFi, market and offers competitive fees and liquidity services across 150 regions worldwide.
About Bitget Wallet
Bitget Wallet was described as a self-custodial Web3 wallet serving more than 100 million users and supporting more than 130 major blockchain networks and millions of crypto assets.
According to the company, the platform offers one-stop asset management, multi-chain trading, staking, payments, market data, DApp browsing and wealth management features, while also allowing direct access to more than 20,000 decentralized applications.
Bitget Wallet also aggregates hundreds of decentralized exchanges and cross-chain bridges, supports multi-chain asset swaps and cross-chain interactions, and includes advanced swap functions and market insight tools. Bitget said Bitget Wallet has set up a $300 million user protection fund to strengthen asset security coverage.