As Bitget rapidly scales to become a leading global cryptocurrency exchange with over 25 million users, its unwavering commitment to user protection remains paramount. This article highlights the robust security features Bitget has implemented to foster trust and a secure trading environment.
Verifiable Security with Proof-of-Reserves
Bitget prioritizes transparency by providing monthly Proof-of-Reserves (PoR) updates. These reports detail reserve ratios for major assets like Bitcoin (BTC), Ethereum (ETH), USDT, and USDC.
The most recent PoR report solidifies Bitget’s security posture, boasting a reserve ratio exceeding 163% across all assets. Notably, BTC, ETH, and USDT reserves reached impressive figures of 294%, 169%, and 103% respectively, while USDC reserves surpassed 662%.
At the time of publication, Bitget’s PoR confirmed holdings exceeding 5,714 BTC, 68,674 ETH, 935 million USDT, and 60 million USDC. These figures translate to a total value exceeding $2.9 billion, showcasing Bitget’s unwavering dedication to safeguarding user assets.
Bitget leverages cryptographic proofs, public wallet ownership, and regular audits to ensure the legitimacy of its PoR reports. This transparency fosters trust by demonstrating the existence of liquid on-chain reserves that always exceed or equal the sum of user holdings.
Notably, Bitget employs Merkle Trees, a secure data structure, to store hashed representations of user asset accounts. This allows users to independently verify the presence of their assets within the Merkle tree.
Protection Fund: A Safety Net for Users
Launched in August 2022, the Bitget Protection Fund embodies the platform’s user-centric approach. This dedicated fund serves as a safety net against potential threats within the volatile cryptocurrency landscape, ensuring user assets remain protected from unforeseen circumstances.
As of June 2024, the Protection Fund maintained its holdings of 6,500 BTC stored across three separate wallets, with all addresses publicly displayed for complete transparency.
Throughout the month, the Protection Fund’s average valuation remained at $429 million. This consistent performance underscores Bitget’s reliability and its commitment to prioritizing user asset security.
Multi-Layered Security Approach for Unwavering Defense
Bitget employs a multi-layered security approach to create a comprehensive defense system against unauthorized access. This layered approach ensures that even if one security measure is breached, others remain intact to protect user accounts and assets. By integrating multiple authentication methods, including fund passwords, mobile phone OTPs, email OTPs, and 2FA, Bitget significantly reduces the risk of unauthorized access. While the multi-step verification process might seem like a minor inconvenience, it plays a critical role in safeguarding user assets.
“Bitget’s phenomenal growth as a leading Web3 company is a testament to our dedication to building an ecosystem of products that users genuinely trust and find user-friendly,” said Gracy Chen, CEO at Bitget. “Our commitment to user security remains paramount.
By being early adopters of transparent PoR, establishing the second largest protection fund among CEXs in the market, and implementing top-tier security features, we ensure our users’ assets remain protected.”
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions.
Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more.
Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).
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