UPDATE: Bitget covers $388M hack losses with protection fund balance at $309M
CIE News ·
Bitget has fully covered $388 million in user losses using its protection fund, leaving a remaining balance of $309 million as withdrawals resume.
As previously reported, attackers attempted to move stolen funds through NEAR Intents after breaching Bitget. According to Cointelegraph, Bitget announced that all user withdrawals are resuming as operations gradually return to normal following the $388 million security incident.
Bitget CEO Gracy Chen confirmed that the exchange fully covered the $388 million in user losses using its dedicated protection fund. Following the payout and subsequent replenishment, the reserve fund holds a remaining balance of $309 million.
The exchange originally created the protection fund in 2022 to absorb unexpected user shortfalls from major security compromises. Bitget indicated that leveraging the fund enabled it to maintain solvency and ensure service continuity after the exploit.