Changpeng Zhao Offers Support to Bitget After $388 Million Hack: A Rival’s Unexpected Gesture

On September 25, 2026, Changpeng Zhao, founder of Binance, said Binance and the BNB Chain ecosystem behind BNB (CRYPTO:BNB) would extend support to Bitget after the Bitget hack, in which $387.5 million was stolen from the exchange’s hot and warm wallets. In an industry where exchanges frequently compete for traders and deposits, Binance’s willingness to help a rival stands out.

However, Zhao did not specify any particular amount, assets, or timeline for this assistance. Bitget has said its reserve fund is sufficient to cover the entire loss. So, is this gesture from Binance one of solidarity within the industry, or is it a strategic move to protect its own interests?

How Hackers Took $388 Million in the Bitget Hack Without Stealing Keys

On September 24, Bitget detected 19 unauthorized transfers. CEO Gracy Chen clarified that the attacker accessed a backend system and falsified transaction data, resembling a forged deposit slip, rather than stealing the private keys controlling its wallets. Fortunately, Bitget’s cold storage remained secure.

The hacker primarily took 103 million XRP (CRYPTO: XRP), valued at approximately $157 million, which accounted for the largest portion of the stolen funds. Other assets taken included ETH, USDT, USDC, BNB, AVAX, Zcash, and TRON. Initially, Bitget reported the loss as $351.6 million but later revised it up by $35.9 million after tracing additional Zcash and TRON transfers. Interestingly, XRP saw a 16% increase that week despite the hacking incident.

Bitget suspects the attack bears similarities to patterns used by hacking groups associated with North Korea and has enlisted Mandiant and SlowMist to investigate. However, investigators have not yet confirmed the perpetrator.

At the time of the breach, Bitget’s User Protection Fund held over $464 million, allowing the exchange to cover losses while still preserving around $76 million in the fund. This fund is made up of Bitget’s own capital, separate from its operating balance, meaning customers must trust Bitget’s claims about its reserves.

Why Binance Wants to Help Bitget Avoid a Run on Withdrawals

When one exchange freezes withdrawals due to a hack, it can trigger panic at others in the industry. Customers may begin to question the security of their funds elsewhere, leading to a wave of withdrawals similar to a bank run. Since Binance holds the highest amount of customer deposits among exchanges, it stands to lose the most if fear spreads.

Exchanges have stepped in for each other before. For instance, after hackers linked to North Korea stole about $1.5 billion from Bybit in February 2025, Bitget lent Bybit 40,000 ETH to continue processing withdrawals. During that incident, Binance’s role was less clear, with Zhao denying any involvement in transferring ETH to Bybit.

Thus, a public statement of support from Binance comes at minimal cost for the exchange while potentially preventing significant damage to its business. This gesture also fosters goodwill with a rival that has previously stepped up in times of crisis.

Zhao’s Offer to Bitget Named No Amount, Asset or Date

While Zhao affirmed that Binance and the BNB Chain would support Bitget, he did not clarify how. Potential assistance from the BNB Chain could include projects that track stolen funds, security teams that trace wallets, or token issuers that freeze stolen assets where possible. Since Bitget reports that its fund can cover the loss, Binance may not end up providing any financial assistance.

Moreover, the timing of this support may benefit Binance, given that federal prosecutors are currently investigating whether Binance allowed funds linked to Iran to flow through its platform. Announced just days after this revelation, Zhao’s supportive stance towards a hacked competitor might help portray Binance as a responsible player in a week filled with challenging headlines.

Will Binance’s Offer After the Bitget Hack Affect BNB or BGB?

As it stands, Zhao’s pledge lacks specific amounts, assets, or deadlines. This ambiguity means customers cannot rely on any commitments, leaving Bitget’s recovery dependent on its $464 million fund and its withdrawal schedule—which will start with Bitcoin (CRYPTO:BTC) on September 28 and conclude with various tokens, fiat, and P2P services by October 2.

The situation could change if Binance provides a specific asset to Bitget or if the BNB Chain freezes funds linked to the breach. However, if Bitget successfully reopens withdrawals on its timeline and fully repays users from its own reserves, Zhao’s offer will primarily reflect goodwill, and BNB holders won’t see much direct benefit beyond a potentially improved public image for Binance amid ongoing scrutiny.

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