Bitget Processes 4,098 BTC Withdrawals, Protection Fund to Exceed $300M
Bitget CEO Gracy Chen also confirmed that the exchange's Protection Fund will be restored to above $300 million within a week. The update provides two specific figures on the exchange's recovery efforts: the number of BTC withdrawals processed and the targeted size of its protection reserve.
Bitget Reports 4,098 BTC Withdrawals Processed
According to data shared by Cointelegraph, Bitget said it had processed 4,098 BTC withdrawals while confirming that user funds were fully covered.
The withdrawal figure comes as Bitget works to restore normal services following the security incident. The exchange has previously begun restoring withdrawals, with Bitcoin on the Bitcoin network among the services returning first.
The latest update indicates that BTC withdrawal processing has continued as the exchange works through the post-incident recovery process. However, the Cointelegraph post did not provide additional details on the total value represented by the 4,098 withdrawals or the number of users involved.
Bitget's statement that user funds are fully covered addresses the status of customer assets, while the separate Protection Fund figure concerns the exchange's reserve intended to provide an additional layer of protection.
Gracy Chen Confirms Protection Fund Restoration
Bitget CEO Gracy Chen said the exchange's Protection Fund will be restored above $300 million within a week.
The commitment establishes a specific timeframe for rebuilding the fund to a level above the $300 million threshold. Cointelegraph did not provide further details on the fund's current balance or the mechanism Bitget will use to restore it.
The Protection Fund is separate from the 4,098 BTC withdrawals reported as processed. The two figures therefore represent different aspects of Bitget's response following the security incident: the processing of customer withdrawals and the restoration of the exchange's protection reserve.
Recovery Continues After Security Incident
The latest statement follows Bitget's efforts to resume withdrawal services after the security incident. The exchange's restoration process has been taking place as individual services become available.
The information shared by Cointelegraph does not establish the cause or full scope of the incident, nor does it provide details about any investigation. It also does not state whether all withdrawal services have returned to normal.
For now, the immediate milestones disclosed by Bitget are the processing of 4,098 BTC withdrawals and Gracy Chen's confirmation that the Protection Fund will be restored above $300 million within a week.
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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