Bitget restores $300M fund after absorbing $388M security breach

Bitget said on Sept. 30 that it had restored its Protection Fund to more than $300 million after absorbing the Sept. 24 security breach's financial impact. The exchange describes the fund as an additional safeguard for customers, separate from reserves backing their account balances.In its announcement, Bitget says the fund absorbed approximately $388 million in impact from the incident, while customer balances remained accurate and unaffected. It says it fulfilled a Sept. 28 pledge to bring the fund back to at least $300 million within a week, completing the replenishment two days after that commitment.The release does not quantify the new capital contributed, and Bitget's fund page says its displayed valuation uses prices at midnight UTC each day.What the restored backstop coversUnder Bitget's published fund conditions, users may submit claims when accounts are compromised, or assets are stolen or lost through platform-wide events not attributable to their own actions or trading behavior.The exchange retains the right to assess claims and investigate affected accounts or assets, with outcomes subject to its findings.Eligibility to submit a claim does not guarantee reimbursement o...