Bitget adds 2,000 BTC to user protection fund after hack

Crypto exchange Bitget has begun rebuilding its Protection Fund after a hacking incident, with on-chain data showing that 2,000 BTC, worth about $166 million, was transferred from a Bitget cold wallet to the user protection fund address over the past two hours. The wallet’s total holdings have now risen to 2,484.71 BTC, or about $206 million, pushing the fund back above the $200 million mark. Earlier, Bitget CEO Gracy Chen and other executives said the company would fully compensate hack-related losses with its own funds and rebuild the protection fund to more than $300 million within a week. The latest cold-wallet transfer appears to be part of that replenishment effort and is helping ease market concerns over a potential bank run.