Binance founder Changpeng Zhao says his exchange and the broader BNB Chain ecosystem will help rival crypto platform Bitget recover from a US$387.5-million hack, according to a post on his X account reported by crypto outlets including Bloomingbit and Chaincatcher.
Zhao, whose fortune is tracked on Forbes’ Real-Time Net Worth list, wrote late on Sept. 25 that “today is a difficult day for Bitget” and said he believed “Binance, the BNB Chain ecosystem and the community will do everything possible to provide assistance,” according to the reports. He did not specify a dollar amount, timeline or concrete measures of support.
Bitget said hackers exploited its hot and warm wallet infrastructure starting Sept. 24, falsifying backend transaction data rather than stealing private keys, according to the exchange’s own statements cited by Finance Magnates and Hokanews. The exchange put total losses at US$387.5 million, with XRP accounting for the largest share at roughly US$157 million. Bitget said its cold wallets were not affected and that trading and deposits continued during the response, while withdrawals were temporarily suspended.
Bitget’s US$464-million User Protection Fund is enough to cover the loss in full, leaving about US$76 million in the fund afterward, the exchange said. It has also launched a recovery bounty program offering five per cent of frozen funds and five per cent of any assets successfully recovered to those who help retrieve them.
Zhao stepped down as Binance’s chief executive in 2023 as part of a settlement with U.S. authorities over anti-money-laundering violations but remains the exchange’s founder and largest shareholder. Forbes’ Real-Time Net Worth tracker put his fortune at US$91.2 billion as of Sept. 20, after a single-day gain of US$9.8 billion tied to a rally in crypto markets.
