Cryptocurrency exchange Bitget reported an overall reserve ratio of 131% across 19 major digital assets in its latest Proof of Reserves update released Sept. 30, demonstrating full asset backing in its first audit snapshot since a $388 million security incident on Sept. 24.
The snapshot, recorded at 09:00 UTC on Sept. 29, shows all 19 covered cryptocurrencies maintained reserve ratios exceeding the required 100% benchmark. The update comes as the exchange conducts a phased restoration of user withdrawals, which began Sept. 28 with Bitcoin and is scheduled to conclude Oct. 2 across all supported tokens and services.
According to platform audit data, Bitget holds 29,099.61 Bitcoin against 20,531.72 BTC in user assets, representing a 142% reserve ratio. Tether reserves stand at 107%, with $1.26 billion in platform assets backing $1.18 billion in user deposits. Ethereum reserves were recorded at 110%, while USD Coin reserves reached 154%.
Other covered assets include NEAR at 181%, XAUT at 172%, USDGO at 169%, Solana at 157%, SUI at 153%, Chainlink at 137%, Litecoin at 131% and Dogecoin at 130%. The lowest reserve ratio among covered tokens was BNB at 104%.
Bitget utilizes a Merkle Tree-based cryptographic verification system, allowing users to independently confirm that their account balances are included in the audit calculation.
“Proof of Reserves matters most when users want to see the numbers for themselves,” Bitget CEO Gracy Chen said in a statement accompanying the report. “The latest snapshot gives users a transparent view of Bitget’s reserves, with an overall reserve ratio of 131% and every covered asset above 100%.”
The audit marks Bitget’s 47th monthly reserve update since introducing the program in December 2022. Earlier in September, the exchange expanded its disclosure model from four supported assets to 19. (Read More: Bitget Begins Phased Withdrawal Resumption After $388 Million Security Incident)
The disclosure follows a September breach where an attacker exploited a third-party security product to acquire internal credentials and execute unauthorized transfers. Bitget stated that private keys and cold wallets remained uncompromised during the incident, and its dedicated User Protection Fund holds more than $464 million to cover potential financial losses.
This article is published on BitPinas: Bitget Reports 131% Reserve Ratio in First Proof of Reserves Snapshot Following $388 Million Incident
This article is published on BitPinas: Bitget Reports 131% Reserve Ratio in First Proof of Reserves Snapshot Following $388 Million Incident
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