Bitget Says Hot Wallet Loss Covered by 5,500 BTC Protection Fund

The mechanism here matters more than the incident: an exchange pointing to a pre-funded, on-chain-verifiable reserve is the post-FTX playbook for containing a hot-wallet scare before it becomes a withdrawal run. It shifts the immediate question from solvency to disclosure — whether the announced replenishment and the promised compensation terms arrive with enough specificity to satisfy depositors comparing this response against peers. The open question is whether public fund addresses plus a replenishment commitment become the baseline expectation for every exchange incident, raising the cost of operating without one.