Binance Extends Support to Hacked Exchange Bitget Amid $387M Heist

Bitget, a cryptocurrency exchange, suffered a massive hack on September 24, resulting in the theft of $387.5 million from its hot and warm wallets. The attacker falsified transaction data to steal the funds without accessing private keys.

Changpeng Zhao, founder of Binance, offered support to Bitget, stating that Binance and the BNB Chain ecosystem would extend assistance. However, no specific amount, assets, or timeline for this support was mentioned.

Bitget's User Protection Fund, which held over $464 million, fully covers the losses, leaving around $76 million intact after repaying affected users.