Bitget Says User Protection Fund to Cover All Losses From Hot Wallet Security Incident

Bitget said it will cover losses stemming from a recent hot wallet security incident with its user protection fund.

In a post on its official X account on September 25, the exchange said the fund was created for situations like this. It added that the fund currently holds 5,500 Bitcoin, worth about $464 million at market prices.

Bitget also said the wallet addresses for the protection fund are fully public, allowing anyone to verify the asset holdings on-chain. The fund is operated to protect user assets from risks affecting the broader platform, including cybersecurity incidents.

The company said losses from the hot wallet incident will be borne by the protection fund after an assessment process is completed. It added that the fund will be replenished after amounts used for loss compensation are paid out.

Detailed compensation coverage and eligibility conditions will be announced separately.