Bitget Returns to Normal Operations as Its Protection Fund Reaches $309 Million

Bitget CEO Gracy Chen said the exchange is gradually returning to normal after a security breach that cost users $388 million. In a Wednesday post on X, she said withdrawals for all tokens will reopen on Friday, and access to Bitcoin (BTC), Ether (ETH) and USDt (USDT) has already been restored.

Bitget Protection Fund Rebuilt to $309 Million

How the Fund Absorbed the Loss

Bitget set up the fund in January 2022 with 5,500 BTC to cover user losses not caused by misconduct from the user or the platform. Chen said it was created for moments like this and absorbed the financial impact. The fund has now reached $309 million.

Chen has not ruled out certain parties, including an inside job or North Korean hackers. Bitget launched a bounty offering 5% of frozen funds and 5% of any recovered funds.

Stolen Zcash Moved to Ironwood

Blockchain investigator ZachXBT reported that wallets linked to the hack moved about $3.8 million in Zcash (ZEC) into the Ironwood pool. That is about 14% of the 18,917 ZEC stolen.