So What Happens After the $351M #Bitget Hack?
Bitget says the full loss from the theft will be covered by its Protection Fund. But what exactly is that fund?
Bitget launched it back in 2022 with an initial $300M, and later maintained the fund at 5,500 BTC. The idea is pretty simple ... an extra financial backstop for users if their assets are compromised or lost through events that aren’t their fault.
And now, after the hack, Bitget says the fund holds more than $464M, enough to cover the estimated $351.6M loss.
So the situation is basically… the hack happened, the funds are gone, but Bitget says there’s a dedicated pool sitting behind users to absorb the loss.
The on-chain addresses publicly associated with the fund include 👇
3AZHcgLnJL5C5xKo33mspyHpQX7x4H5bBw
3KUwtHc5UhWQ76z6WrZRQHHVTZMuUWiZcU
3H6JnFoz5jcoATKQ83BuQ3cUUCHswqfgtG
Now it’s mostly a matter of watching how the recovery, withdrawals and compensation process actually play out.
Bitget says the full loss from the theft will be covered by its Protection Fund. But what exactly is that fund?
Bitget launched it back in 2022 with an initial $300M, and later maintained the fund at 5,500 BTC. The idea is pretty simple ... an extra financial backstop for users if their assets are compromised or lost through events that aren’t their fault.
And now, after the hack, Bitget says the fund holds more than $464M, enough to cover the estimated $351.6M loss.
So the situation is basically… the hack happened, the funds are gone, but Bitget says there’s a dedicated pool sitting behind users to absorb the loss.
The on-chain addresses publicly associated with the fund include 👇
3AZHcgLnJL5C5xKo33mspyHpQX7x4H5bBw
3KUwtHc5UhWQ76z6WrZRQHHVTZMuUWiZcU
3H6JnFoz5jcoATKQ83BuQ3cUUCHswqfgtG
Now it’s mostly a matter of watching how the recovery, withdrawals and compensation process actually play out.
