Bitget Greater China Head Xie Jiayin expressed gratitude for Binance's collaboration, stating that user funds are not at risk. The existing user protection fund of approximately $460 million is sufficient to fully cover the current gap, and investigations have been launched in conjunction with Mandiant and SlowMist.

The incident involves multiple cryptocurrencies and networks, rather than a single asset being stolen. The platform has temporarily suspended withdrawals, which will resume immediately after risk is mitigated. Deposit, trading, and reward functions remain operational. The company emphasized that cold wallets and the vast majority of platform assets are unaffected, as the self-custody Bitget Wallet is separated from the exchange's infrastructure and is not involved in this hot wallet and warm wallet incident.

The protection fund is stored in approximately 5,500 bitcoins in a publicly verifiable address, exceeding the previously announced affected amount of about $351.6 million. Binance's co-CEO has previously stated that the security team has been sharing intelligence and assisting in asset recovery since the discovery. Third-party evidence collection has involved Mandiant, aiming to elevate the internal emergency response to a judicial and on-chain verification that can be delivered externally.

Xie summarized the handling principles as not shirking responsibility, not evading, and not delaying, and apologized for the withdrawal interruptions caused by the Mid-Autumn Festival holiday. Investigation focuses include the entry points of the intrusion, how forged authorizations triggered the withdrawal process, and the freezing window of funds after cross-chain splitting.

From a market mechanism perspective, this is a standard action of fulfilling promises to hedge against a run: sellers are short-term funds worried about withdrawal gates and turning to other platforms; buyers are existing users accepting the coverage of the protection fund and continuing to trade within the platform. Funds diverted from the hot wallet to the attack address spread across multiple chains, while the protection fund advances the exchange's own reserves as user assets on the balance sheet. Beneficiaries are users who can still trade and whose balances are guaranteed in writing; those under pressure are market makers and arbitrageurs relying on immediate withdrawals. The holiday suspension of withdrawals has lengthened the liquidity mismatch time and provided several hours to days for on-chain asset recovery.

Source: Public Information