Bitget Reports 131% Reserve Ratio Following Major Security Breach
What happened
Bitget reported a 131% total reserve ratio on September 29, 2026, following a $387.5 million security breach.
The Context
- Security Incident: On September 24, Bitget experienced unauthorized transfers from hot and warm wallets, but cold wallets and user balances remained secure.
- Proof of Reserves: This is Bitget's 47th consecutive monthly update, showcasing a commitment to transparency since launching its program in December 2022.
- User Protection Fund: The exchange activated its User Protection Fund, valued between $382 million and $464 million, to cover losses from the breach.
The Number
— This indicates that for every $1 in user deposits, Bitget holds $1.31 across 19 assets, reinforcing trust in their financial stability.
Takeaway
With withdrawals resuming and positive market activity, Bitget is poised to regain user confidence and attract new deposits.
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