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Wire · operational-macro

Bitget Said a $464 Million Fund Would Cover a $388 Million Hack. Did It?

1 October 2026 · By · Wire by Fusion42

Published

1 October 2026

Topic

operational-macro

◆ Sectors

Fintech

◆ Geography

Global

◆ Source

Read at disruptionbanking.com →

◆ Verified

Fusion42 · 3 October 2026 · Fusion42 review

Bitget experienced a $388 million hack but claims the loss is covered by a self-funded Protection Fund initially said to hold $464 million. Withdrawals are reopening in stages, but the fund's actual balance appears lower, with replenishment underway from Bitget's own capital.

This Wire brief sits within Fusion42's coverage of Fintech, and 2 sources have reported it between 25 Sep 2026 and 1 Oct 2026.

◆ ◆ The Wire takeaway

You face a trust test as crypto exchanges reveal gaps between promised funds and actual reserves. This moment reshapes what guarantees mean and how much you can claim after hacks.

◆ Coverage

2 sources · first reported 25 Sep 2026 · latest 1 Oct 2026

◆ Related on Wire

◆ Topics

Fintechcrypto-hackexchange-fundwithdrawal-reopeningcustomer-assetsprotection-fund