Binance Offers Support to Hacked Rival Bitget Without Specific Terms

Bitget, a cryptocurrency exchange, was hacked on September 24, resulting in the theft of $388 million worth of various digital assets. The exchange's CEO, Gracy Chen, explained that the attacker accessed a backend system and falsified transaction data, rather than stealing private keys controlling its wallets.

The hacker primarily took 103 million XRP, valued at approximately $157 million, accounting for the largest portion of the stolen funds. Other assets taken included ETH, USDT, USDC, BNB, AVAX, Zcash, and TRON.

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.

In a surprising move, Changpeng Zhao, founder of Binance, offered support to Bitget after the hack, stating that Binance and the BNB Chain ecosystem would extend assistance. However, he did not specify any particular amount, assets, or timeline for this assistance.