Bitget says it restores $300 million fund after $388 million breach impact

Bitget said on Sept. 30 that it had restored its Protection Fund to more than $300 million after the fund absorbed approximately $388 million from a Sept. 24 security breach. Bitget said customer balances remained accurate and unaffected. The exchange describes the fund as an additional safeguard, separate from reserves backing customer account balances. Bitget said it had fulfilled a Sept. 28 pledge to restore the fund to at least $300 million within a week, completing the replenishment two days after the pledge. Bitget did not quantify the new capital contributed. Bitget's fund page says its displayed valuation uses prices at midnight UTC each day. Under Bitget's published conditions, users may submit claims if their accounts are compromised or if they lose assets through platform-wide events not caused by their own actions or trading behavior. Bitget retains the right to investigate affected accounts and assets and assess claims based on its findings. Eligibility to submit a claim does not guarantee reimbursement, and the reported replenishment does not establish that compensation has been completed. Bitget's separate reserve report gives an overall ratio of 131% across 19 covered assets, with each asset above 100%, in a snapshot taken at 09:00 UTC on Sept. 29. A 2023 advisory from the PCAOB's Office of the Investor Advocate said proof-of-reserves reports are not audits, may omit liabilities or borrowed assets, and cannot assure subsequent asset availability. Bitget's Sept. 30 service notice said USDT withdrawals had opened on Ethereum, BSC, Solana and Tron. The exchange's incident timetable scheduled remaining cryptocurrency, fiat and peer-to-peer services for Oct. 2 at 08:00 UTC. Customers awaiting those services face a separate milestone from the reported fund restoration.