Bitget said it has rebuilt its emergency Protection Fund to more than $300 million after the Sept. 24 security breach that cost the exchange $388 million. The company said the replenishment was completed five days ahead of a one-week deadline it had set for itself after the incident.

According to Bitget, the fund absorbed the financial damage from the exploit so that user account balances remained accurate and unaffected. The exchange also said withdrawal services, which began returning on Sept. 28, were on track to be fully restored by Oct. 2 across all supported tokens, fiat currencies, and peer-to-peer services.

Fund rebuilt after the attack

The exchange described the Protection Fund as a standalone financial backstop that is separate from the assets used to support normal customer balances. In its account of the incident, Bitget said this reserve was used to cover the losses tied to the breach rather than passing the impact on to users.

On-chain wallet records cited by the company showed the replenished fund distributed across three main Bitcoin addresses. Those addresses held 1,369.91 BTC, 1,199.81 BTC, and 1,134.99 BTC, respectively.

Proof of reserves published at month-end

On Sept. 30, Bitget released its 47th monthly Proof of Reserves report. The report showed an overall reserve ratio of 131% across 19 covered digital assets.

The exchange said every supported token in that report remained backed at more than 100%. The publication came as Bitget was working to restore services and demonstrate that its reserves remained above full backing levels following the breach.

Withdrawals return in stages

Service recovery began on Sept. 28 with Bitcoin withdrawals, according to the exchange. Bitget said the broader restoration process was scheduled to finish by Oct. 2.

That timetable covered withdrawals across all tokens as well as fiat currency functions and peer-to-peer services. The phased reopening coincided with the replenishment of the protection pool above the $300 million mark.

Investigations are still underway

Bitget said independent forensic reviews remain in progress after the Sept. 24 attack. Cybersecurity firms Mandiant and SlowMist are continuing to trace the stolen assets and assess the exchange’s infrastructure controls.

Those inquiries are the next confirmed step in the aftermath of the breach. While Bitget has restored the protection fund and resumed withdrawals, the external investigations are still ongoing and have not yet produced a final public conclusion in the source report.

Source: bitpinas.com