Bitget Rebuilds Its $300M Safety Net After a $388M Hack
Oct 2, 2026
Bitget absorbed a $388M security breach and rebuilt its Protection Fund to over $300M in less than a week, reopening withdrawals ahead of schedule.
Bitget's Rough Week Ends With a Restored Safety Net
Bitget just went through a wild stretch. On September 24, the exchange got hit with a security breach that drained roughly $388 million in assets. Instead of freezing up or panicking, the team made a bold call: cover the gap using their own Protection Fund and get everything back to normal within a week.
They actually pulled it off early. By September 30, just six days after the breach, Bitget had rebuilt its Protection Fund to over $300 million, with a reserve snapshot showing a healthy 131% coverage ratio across affected assets. USDT withdrawals on Ethereum, BSC, Solana, and Tron reopened that same day.
The rest of the services, including fiat and peer-to-peer trading, are set to come back online on October 2.
It's a solid reminder that exchange reserves matter. When something goes wrong, the difference between a manageable hiccup and a full-blown crisis often comes down to whether there's actually money sitting behind the promises.