Crypto’s Epitome Of Credibility: Bitget
The credibility of crypto has never been more in question than at this moment, after the crumble of the FTX empire. The fact that a centralised exchange (CEX) syphoned its customer funds to its trading firms sent shock waves through the whole crypto community, advocates, and even normies. Many have said it’s over for crypto and CEXs, but what we see is an enhancement of this particular market’s credibility.
Rest assured that Bitget is here to not just build, but also to set the bar for the entire industry.
We Are All In This Together
It’s not time to point fingers. We are saddened to hear crypto users’ crying for help. Among those are traders, investors, even projects whose funds were stuck on the notorious exchange and drained by the hack on November 12, 2022. While this event could push the former two away from crypto, it is already crushing the hope of startups and projects who genuinely want to contribute to the space.
The relief package by Bitget, called Bitget Builders Fund, was the first FTX-victim support fund announced to help users affected by the FTX collapse. Via this US$5 million fund, we hope to reduce the pain as well as assist traders and partners with the transition.
To apply for help, please fill in the information here. Our specialists will be in contact with you shortly.
Our Mission Is To Provide Top-Notch Customer Protection (And Employees, Too!)
The title says it all. At Bitget, customer protection consists of several action types, from monitoring the overall situation in the market, constantly improving system security and operational process, and preparing a contingency plan.
Keeping stakeholders informed
Bitget notified our stakeholders of the FTX security breach immediately after it took place on Saturday (November 12). That includes users, partners as well as employees. Not everyone is 24/7 available on Twitter, hence a reminder would be of great use.
Our internal message to all employees
It’s also our responsibility to keep things transparent. We are in the thorough auditing process and will soon release a detailed proof of reserves for Bitget for the public. More information on the subject can be found here.
Security and compliance must go hand in hand
Bitget is proud to be one of the most trusted crypto exchanges thanks to the focus on security and compliance. We have received operational licences from three different authorities - the U.S., Canada, and Australia, and at the same time adhering to local regulations to conduct uninterrupted operations across the globe.
A combination of hot and cold wallets, validated by giants in security tech: Suntwin Technology, Qingsong Cloud Security, HEAP, Armors, is implemented to protect the exchange from potential attacks. Users are always advised to turn on the two-factor authentication (2FA) for their own accounts to actively enhance the security settings on Bitget. To no surprise, Bitget received an A+ ranking for 12 SSL indicators and secured our place in the top 10 Exchanges by Cybersecurity Rating from Crypto Exchange Ranks (CER). It’s important to note that Bitget is one of the best secured crypto exchanges out there, with no record of breaches of any kind since our inception in 2018.
Two separate Users Funds
As mentioned above, Bitget Builders Fund is an emergency solution to support people hurt by FTX. Way before the launch of Bitget Builders Fund, we already announced our US$200 million Bitget Protection Fund back in August, just to make sure our customers’ assets are safeguarded properly.
Bitget Protection Fund, currently worth US$308 million (as of November 16, 2022)
On top of that, another 500 Bitcoin and 120 million USDT were added to the fund yesterday as we commit to maintain the fund’s balance above US$300 million at any time for effective customer protection. Please visit the official page of Bitget Protection Fund for details of reserves.
Both funds are completely self-funded, and the Bitget Protection Fund is secured for the next three years to cover any potential losses that may occur.
Now back to the root of the problem: self-regulation. What blockchains have been pursuing is simply decentralisation, a state where people need to take responsibility for their personal actions.
We’ve learned it, loud and clear, from day one. Therefore our comprehensive measures are driven by our sense of responsibility towards users rather than by external factors. Yet it’s also important to respond to acute situations, and that’s how we plan to move forward in this bear market, as the leading exchange of the crypto industry.