Bitget Reports 131% Reserve Ratio Following $387.5 Million Security Breach
What happened
Bitget published its 47th Proof of Reserves report, revealing a 131% overall reserve ratio following a significant security incident.
The Context
- Security Incident: On September 24, 2026, Bitget faced unauthorized transfers totaling $387.5 million, but cold wallets and user balances remained secure.
- Transparency Commitment: The exchange has consistently released monthly Proof of Reserves since December 2022, now covering 19 assets to enhance user trust.
- User Protection Fund: Bitget's fund, valued between $382 million and $464 million, is set to cover losses from the recent breach, ensuring user funds are safeguarded.
The Number
— This indicates that for every $1 in user deposits, Bitget holds $1.31 across 19 assets, reinforcing the exchange's financial stability.
Takeaway
As Bitget continues to prioritize transparency and security, expect ongoing scrutiny and potential regulatory developments in the cryptocurrency space.
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