Bitget issued an official post explaining the status of the Bitget Protection Fund, according to PANews. The fund holds 5,500 BTC, worth about $464 million at current prices, and all wallet addresses are public and can be verified on-chain at any time. The fund is specifically used to address platform-level threats such as cybersecurity incidents, in order to protect user assets. Bitget stated that, after assessment, the losses caused by this hot wallet incident will be covered by the Protection Fund, and the fund will be replenished. Specific details and compensation terms will be announced separately.