The recent security breach on Bitget has drawn major attention across the crypto market. Here is the latest breakdown of the situation, user fund safety, and ongoing recovery efforts:
âđ Key Facts & Loss Estimates:
âTotal Impact: Bitget updated its estimated loss to approximately $387.5 million following further on-chain tracking (including Zcash and TRON assets).
âThe Breach Vector: The attack targeted a critical backend wallet infrastructure rather than a private key compromise. Hot and warm wallets were affected, while cold storage remained secure.
âđĄïž How Are User Funds Protected?
âUser Protection Fund: Bitget has repeatedly assured users that full losses are completely covered by its User Protection Fund (holding over $464M+), meaning user balances and account assets remain safe.
âRecovery & Bounty Program: Bitget launched a 5% Recovery Bounty Program, working closely with blockchain security heavyweights (like SlowMist and Mandiant), law enforcement, and major exchanges to freeze and claw back stolen funds.
âđ Status Update:
While trading and deposits have remained operational, withdrawal safety reviews have been a primary focus as the platform moves to phase-restore services.
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