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

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

In a post on its official X account on Sept. 25, the company said the fund was established for situations like this. It said the fund currently holds 5,500 Bitcoin, valued at about $464 million at market prices.

Bitget also said all wallet addresses for the protection fund have been disclosed, 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.

Losses arising from the hot wallet incident will be borne by the protection fund after an assessment process is completed, the company said. It added that it plans to replenish the fund by the amount used.

Details on the scope of compensation and the applicable conditions will be announced separately.