CZ Offers Support to Bitget After $387.5 Million Security Incident

CZ offers Binance and BNB Chain support to Bitget following a $387.5 million security incident.

Binance co-founder Changpeng Zhao, known as CZ, has offered support to Bitget following the cryptocurrency exchange’s security incident, saying Binance and the BNB Chain ecosystem will help where they can.

Cointelegraph reported the comments after Bitget raised its estimated value of assets affected by the incident to $387.5 million and launched a recovery bounty program. The exchange has also said it is preparing to restore withdrawals after suspending them as a security precaution.

CZ Says Binance and BNB Chain Will Assist

In a post on X, CZ said Binance and the broader BNB Chain ecosystem would provide assistance to Bitget where possible. His comments came as Bitget continued efforts to trace and recover assets following the incident.

The support offer adds Binance and BNB Chain participants to the wider group of cryptocurrency companies and security teams involved in responding to the incident. Bitget has said that some affected assets have already been frozen through coordination with exchanges, blockchain projects and security firms.

CZ did not provide specific details in the post about the form or scope of assistance Binance or BNB Chain would provide.

Bitget Raises Incident Estimate

Bitget previously estimated that $351.6 million in assets had been transferred to attacker-controlled addresses during the incident. The exchange later revised that figure to $387.5 million after additional onchain tracing identified affected assets on Zcash and TRON that were not included in the initial calculation.

Bitget said the incident was contained and that the underlying vulnerability had been identified and remediated. The exchange has continued investigating the transactions while coordinating with external parties involved in tracking the funds.

The company also launched a Recovery Bounty Program intended to encourage efforts that lead to affected assets being frozen or recovered.

Recovery Efforts Continue as Withdrawals Prepare to Resume

Bitget said eligible participants in its recovery program can receive a bounty equivalent to 5% of successfully frozen funds when their voluntary efforts directly contribute to a freeze. A separate 5% bounty applies to successfully recovered funds when the participant's actions directly contribute to the recovery.

The exchange has also said its cold wallets remained secure and that the incident was limited to part of its hot and warm wallet infrastructure. Trading and deposits remained operational while withdrawals were suspended during the security response.

Bitget's latest recovery efforts are taking place as it completes additional security checks before restoring withdrawals. The exchange said it would provide further information on the withdrawal status and timing after those checks.

CZ's offer of assistance comes as Bitget continues its investigation and recovery process, with the exchange working alongside other industry participants to trace the affected assets.

writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
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