Bitget Reports 131% Reserve Ratio Following Security Incident

Bitget, a cryptocurrency exchange, has announced a total reserve ratio of 131% in its latest Proof of Reserves report, released on September 29, 2026. This figure indicates that the exchange holds approximately $1.31 for every $1 in user deposits. The report comes just five days after Bitget experienced a significant security breach on September 24, during which around $387.5 million was drained from its hot and warm wallets. However, CEO Gracy Chen confirmed that cold wallets and user balances remained unaffected, and losses will be covered by Bitget's User Protection Fund.

This report marks a significant expansion in Bitget's Proof of Reserves program, which now includes 19 digital assets, up from the original four. All tracked assets maintained a reserve ratio above 100%, with NEAR leading at 181%, followed by XAUT at 172% and SOL at 157%. Other notable ratios included USDC at 154%, BTC at 142%, ETH at 110%, and BNB at 104%. Although the overall reserve ratio has dipped slightly from previous reports this year, it remains well above the critical 100% threshold, indicating full backing of user deposits.

Bitget's ongoing commitment to transparency is highlighted by its 47 consecutive monthly Proof of Reserves disclosures, initiated in December 2022 following the collapse of FTX. The exchange utilizes a Merkle Tree cryptographic structure, allowing users to independently verify their assets without compromising the privacy of other users. The recent expansion to include a broader range of assets enhances this transparency, addressing concerns that many exchanges still only verify a limited number of cryptocurrencies. The User Protection Fund, valued between $382 million and $464 million, is designed to cover losses from incidents like the recent breach, ensuring user confidence in the platform.

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Source: KLEA News