Bitget ‘gradually back to usual’ as protection fund reaches $309M

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 $388 million of user funds.

In a Wednesday X post, Bitget CEO Gracy Chen said withdrawals for all tokens would resume on Friday, and the exchange has already restored access to users’ Bitcoin (BTC), Ether (ETH), and USDt (USDT). As part of recovery efforts, Bitget’s ‘Protection Fund’ also reached $309 million.

The fund, initially set up by Bitget in January 2022 with 5,500 BTC, was intended to reimburse users’ potential losses that were “not a result of any misconduct from the user or the platform itself,” presumably including some security breaches. According to the company, funds were available “for instant deployment whenever the need arises.”

Read more