Bitget CEO: Protection Fund to Be Replenished to $300 Million Within a Week, Honoring Security Commitment Since 2022

Odaily News: In today's community livestream, Bitget CEO Gracy responded to the recent security incident and the platform's financial condition. She candidly stated that this was the first security incident Bitget has encountered in its 8 years of operation. After a complete traceback, it was determined that hackers exploited a vulnerability in a third-party security product to steal internal network access credentials, forged withdrawal commands to the wallet system, and deceived the wallet into executing abnormal transfers that bypassed risk checks. Gracy emphasized that in this incident, private keys were not leaked and cold wallets were not affected. Specific technical details will be disclosed in detail in the official security report to be released.

Gracy pointed out that the verified losses from this incident fall within the coverage of the protection fund, and user funds remain safe. The platform's own funds exceed $1.4 billion, including approximately $464 million in the user protection fund. The platform will continue to honor the security commitment made when the protection fund was established in 2022, and plans to replenish the fund to the $300 million baseline within a week.

"The protection fund is not just a slogan, but an important mechanism that provides tangible protection for users when extreme security incidents occur." Gracy stated that in the face of sudden security challenges, the platform's comprehensive strength and its ability to proactively take responsibility are important standards for measuring its risk response capabilities and long-term credibility. Bitget will continue to uphold its long-term commitment to prioritizing user interests.