Bitget released its 47th consecutive Proof of Reserves report on September 29, showing a total reserve ratio of 131%. This snapshot confirms that the exchange holds approximately $1.31 for every $1 in user deposits. The disclosure follows a security incident on September 24, during which unauthorized transfers resulted in the loss of approximately $387.5 million from hot and warm wallets.
The latest report marks an expansion in the exchange's transparency program, now tracking 19 digital assets instead of the previous four. All 19 assets maintained a reserve ratio exceeding 100%. Specifically, NEAR reached 181%, XAUT 172%, SOL 157%, USDC 154%, BTC 142%, ETH 110%, and BNB 104%. The company uses a Merkle Tree cryptographic structure to allow independent user verification.
CEO Gracy Chen stated that cold wallets and user balances remained unaffected by the breach. To address the losses, the company plans to utilize its User Protection Fund, which is currently valued between $382 million and $464 million. The fund was established with an initial commitment of $300 million. Bitget has been publishing these monthly reports since December 2022.
