Exchange Recovers Safeguard After Incident

Bitget completed replenishment of its dedicated protection fund on September 30, reaching at least $300 million and exceeding $309 million in some reports. The reserve, established in January 2022 with an initial backing of 5,500 Bitcoin, absorbs financial impacts from eligible user losses without affecting customer holdings. This on-chain structured pool provides an additional layer of security for platform users.

The fund's restoration directly addressed the pledge made two days earlier after a September 24 security incident. The exchange confirmed that user account balances remained accurate and unaffected, with the cost borne solely by the company.

Timeline of the Security Incident

The incident unfolded over several days in late September. Initial malicious activity on a third-party security product occurred as early as August 31. Similar hidden-script activity appeared on another node on September 23. On September 25, attempts to inject commands into another product began at 00:07, leading to the start of crypto theft per host logs at 01:49. Verified on-chain transfers began at 02:31, lasting about two hours and 52 minutes across multiple blockchains. Later that day, the attacker attempted to alter records and trigger Bitcoin withdrawals.

SlowMist's findings, released on September 29, detailed the attack path and confirmed the exchange's prior statements. The probe remains ongoing, with no determination yet on responsibility or the involvement of insiders or North Korean hackers.

Transparency Measures Restore Credibility

Bitget's latest proof-of-reserves disclosure shows a 131 percent overall reserve ratio across 19 asset categories. Bitcoin reserves stand at 142 percent, Ether at 110 percent, Tether at 107 percent, and USD Coin at 154 percent. Customer holdings include approximately 20,500 Bitcoin, 166,100 Ether, 1.181 billion USDT, and 96.477 million USDC. These figures demonstrate reserves exceeding user balances for the covered assets.

Users can independently verify the on-chain holdings by visiting the exchange's dedicated protection fund page and reviewing the listed wallet addresses on blockchain explorers. The structure ensures full traceability, allowing anyone to examine movements since the 2022 launch.

Recent activity signals recovery. The exchange recorded $231 million in deposits over the past 24 hours, close to its August daily average of $245 million. On September 29, futures trading volume reached $9.2 billion with open interest at $4.4 billion, indicating deposits and trading returning toward normal levels.

Access Restoration and User Support Initiatives

Withdrawals for Bitcoin, Ether, and USDt resumed after a temporary halt, with all-token withdrawals scheduled to continue on September 30. Bitget has not ruled out insider involvement but states the protection fund will cover eligible losses. The exchange launched a bounty program offering 5 percent of frozen funds and 5 percent of recovered funds to participants who assist in resolution.

Separately, Bitget introduced its Alliance Program with a $10 million plus crypto airdrop reward pool funded by 30 percent of trading fee revenue. The pool divides into a trading reward portion at 60 percent and an asset reward portion at 40 percent. Qualification requires an average daily valid trading volume of at least 100 USDT, with a seven-day average cap of 3 million USDT. Rewards are paid in USDT, with no token price dependency, and eligibility covers spot, futures, and stock trading while excluding certain pairs.

Ongoing Security Enhancements

Bitget plans to implement findings from the SlowMist investigation, including strengthening controls against third-party product abuse, zero-day vulnerabilities, and custom withdrawal tools. The protection fund remains available for immediate deployment in case of future eligible incidents. The exchange emphasizes that these measures, combined with regular proof-of-reserves updates, aim to provide greater user protection.