Bitget CEO Gracy Chen reports that the firm's 2022 protection fund has absorbed $388 million in user losses following a security incident, with the exchange now moving toward normal operations.
Bitget's protection fund reached $309M and absorbed the financial impact of an incident causing $388M in user losses, with operations gradually returning to normal.
Bitget CEO Gracy Chen confirmed that the exchange's dedicated protection fund successfully mitigated the financial fallout from a recent security incident. The fund, established in 2022, covered $388 million in user losses as the platform works to restore full operational stability.
Bitget utilized its internal protection fund, which was established in 2022, to absorb the financial impact of the incident and compensate for user losses.