Bitget CEO responded via live stream to the platform’s first security incident in eight years, revealing that the attack stemmed from a vulnerability in a third-party security product, with losses to be covered by the User Protection Fund.

During today’s community livestream, Bitget CEO Gracy addressed recent security incidents and the platform’s financial status. She openly stated that this marks the first security incident Bitget has encountered in its 8-year history. Following a full traceback, hackers exploited a vulnerability in a third-party security product to steal internal network permission credentials, forged withdrawal commands for the wallet system, and tricked the wallet into executing abnormal transfers that bypassed risk checks. Gracy emphasized that no private keys were leaked and cold wallets remained unaffected; specific technical details will be fully disclosed in an official security report. Gracy noted that the verified losses from this incident are covered by the protection fund, so user funds remain fully secure. The platform holds over $1.4 billion in its own capital, including approximately $464 million in user protection funds. The platform will continue to uphold the security commitment it made when establishing the protection fund in 2022, and plans to replenish the fund to its $300 million baseline within a week. “The protection fund is not a slogan, but an important mechanism that provides tangible protection for users during extreme security incidents,” Gracy said. Facing sudden security challenges, the platform’s comprehensive strength and ability to take proactive responsibility are key metrics for measuring its risk response capability and long-term credibility. Bitget will continue to uphold its long-term commitment to prioritizing user interests.