Cryptocurrency exchange Bitget has replenished its emergency Protection Fund to more than $300 million, fulfilling its pledge five days ahead of its self-imposed one-week deadline following a $388 million security breach on Sept. 24.
The fund, which absorbed the financial impact of the exploit to ensure user account balances remained accurate and unaffected, holds 3,705 bitcoin valued at approximately $309 million across three publicly verifiable on-chain wallet addresses. Bitget committed on Sept. 28 to bring the reserve back to its baseline of at least $300 million within seven days after deploying capital to cover losses.
On-chain wallet records show the funds are distributed across three primary Bitcoin addresses holding 1,369.91 BTC, 1,199.81 BTC and 1,134.99 BTC, respectively.
“The Protection Fund was created for moments like this and absorbed the financial impact of the incident,” Bitget CEO Gracy Chen said in a statement. “We said we would bring it back to at least $300 million within a week, and we have done that.” (Read More: Bitget Reports 131% Reserve Ratio in First Proof of Reserves Snapshot Following $388 Million Incident)
Bitget emphasized that the Protection Fund operates as a standalone financial buffer separate from the assets backing daily user account balances. On Sept. 30, the exchange published its 47th monthly Proof of Reserves report, showing an overall reserve ratio of 131% across 19 covered digital assets, with all supported tokens holding reserve ratios above 100%.
The fund replenishment coincides with Bitget’s systematic restoration of withdrawal services, which began Sept. 28 with Bitcoin and is scheduled to fully conclude Oct. 2 across all tokens, fiat currencies and peer-to-peer services.
Forensic cybersecurity firms Mandiant and SlowMist are continuing independent investigations to trace stolen assets and evaluate infrastructure controls following the Sept. 24 attack.
This article is published on BitPinas: Bitget Replenishes Emergency Protection Fund to $300 Million Following Breach
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