Binance pledges support after Bitget’s $388 million hack without specifying terms

  • Binance founder Changpeng Zhao pledged support for Bitget after its exchange hack.
  • $387.5 million was stolen, including 103 million XRP worth approximately $157 million.
  • Bitget’s withdrawals are scheduled to resume September 28 and finish October 2.

Binance founder Changpeng Zhao said Binance and the BNB Chain ecosystem would support rival exchange Bitget after a hack that stole $387.5 million from hot and warm wallets. Bitget detected 19 unauthorized transfers on September 24, with CEO Gracy Chen saying attackers manipulated backend transaction data rather than taking private keys. The largest loss involved 103 million XRP worth about $157 million. Bitget initially reported $351.6 million stolen before adding $35.9 million tied to further Zcash and TRON transfers. Its cold storage remained secure, and its $464 million User Protection Fund was sufficient to cover the loss, leaving about $76 million. Zhao did not specify funding, assets or a deadline for Binance’s assistance. Bitget has hired Mandiant and SlowMist to investigate suspected links to hacking patterns associated with North Korea, although no perpetrator has been confirmed. Withdrawals are scheduled to resume with Bitcoin on September 28 and conclude with various tokens, fiat and peer-to-peer services by October 2. Binance’s support could involve tracking stolen funds, tracing wallets or freezing assets, but may also limit wider confidence damage and improve Binance’s image amid a federal investigation into whether funds linked to Iran moved through its platform. The pledge’s effect on BNB or Bitget’s BGB token remains uncertain and may be limited if Bitget repays customers from its own reserves.

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