Bitget replenishes its Protection Fund to $309M following a $388M security incident, exceeding its $300M pledge within one week.
Security & Exploits ·
Bitget announced it has replenished its Protection Fund to $309 million, surpassing the $300 million commitment it had pledged, within a week of a $388 million security incident. The exchange, a top-ten cryptocurrency venue operating across spot and derivatives trading as well as a self-custodial wallet with roughly 90 million users, moved to restore confidence following the breach.
The incident exposed vulnerabilities in the exchange's infrastructure; SlowMist linked the hot wallet theft to a zero-day exploit and a fake withdrawal tool deployed against users. Bitget's rapid fund replenishment was intended to cover potential losses and demonstrate its ability to absorb the impact while maintaining operations across its multi-jurisdictional licensing footprint.
What remains unclear is the full scope of user funds affected, the timeline for resolving the underlying security flaw, and whether regulatory scrutiny in jurisdictions where Bitget holds licenses—including Poland, Lithuania, Canada, and Australia—will intensify as a result. The extent to which the Protection Fund covers all affected users and whether additional measures will be implemented to prevent future incidents have not been detailed.