Bitget reports 131% total reserve ratio in latest update

Bitget just posted a 131% overall reserve ratio in its latest Proof of Reserves snapshot, taken September 29. That means the exchange holds roughly $1.31 for every $1 in user deposits. The timing matters. The snapshot came just five days after Bitget suffered a significant security breach on September 24, when approximately $387.5 million in unauthorized transfers drained from the exchange’s hot and warm wallets. CEO Gracy Chen confirmed that cold wallets and user balances were unaffected, and that losses would be covered by Bitget’s User Protection Fund. The numbers across 19 assets This report marks the first time Bitget’s Proof of Reserves program covered 19 digital assets, a major expansion from the four core assets it originally tracked. Every single one of them maintained a reserve ratio above 100%. NEAR led the pack at 181%, meaning Bitget holds nearly twice the NEAR tokens that users have deposited. XAUT, a gold-backed token, came in at 172%, and SOL posted 157%. USDC reserves stood at 154%, while BTC hit 142%. ETH came in at 110%, and BNB rounded things out at 104%. Bitget’s prior snapshots this year have hovered in the 122% to 135% range, with a mid-September report showi...