Bitget Restores Protection Fund to Over $300 Million Following Security Incident
- Bitget replenished its Protection Fund to over $300 million after covering approximately $388 million in losses from a September 24 security incident.
- The fund was restored two days ahead of the company’s self-imposed deadline, ensuring user balances remained protected during the process.
- The Protection Fund, established in 2022 with an initial value of $300 million and backed by around 5,500 BTC, serves as additional financial protection for users.
- Independent cybersecurity firms Mandiant and SlowMist have been engaged for a forensic investigation into the incident while withdrawal services are being gradually restored.
- Bitget’s latest Proof of Reserves update indicated that all assets had a reserve ratio above 100% as of September 30.
The restoration of the Protection Fund is crucial for maintaining user trust and financial security following significant losses due to the recent security breach. Users can verify the fund’s status on the blockchain through publicly disclosed wallet addresses available on Bitget’s official website.
With the fund now exceeding $300 million, Bitget has demonstrated its commitment to user protection during challenging situations.(Source)
