Binance Founder CZ: Binance, BNB Chain Ecosystem and Community Will Do Everything to Assist Bitget
Binance founder CZ stated that today is a difficult day for Bitget. He believes and knows that Binance, the BNB Chain ecosystem, and the community will do everything to help, and he urged the community to remain "SAFU".
This statement follows Bitget's announcement of unauthorized transfers from its hot and warm wallets. The platform has revised its losses to approximately $387.5 million, including ZEC and TRX, and the protection fund claims it can fully cover the losses; withdrawals are paused, but deposits and trading remain open. Co-CEO Richard Teng previously stated that the security team has been sharing intelligence and tracking funds since the discovery of the incident. Bitget has also offered a 5% bounty for freezing or recovering the amounts and has connected to Bybit's LazarusBounty channel.
The stolen assets include XRP, ETH, USDT, BNB, among others, and the attack addresses have been published on EVM, XRP Ledger, ZEC, and TRON. The official assessment indicates that the backend system was used to forge transaction data, triggering unauthorized withdrawals, rather than a theft of private keys, and suggests that the methods are similar to those used by North Korean-related organizations. Mandiant and SlowMist are still preparing reports.
SAFU is a long-standing slogan for user fund security used by Binance. CZ did not discuss compensation figures but limited the scope of assistance to three levels: the exchange, the public chain ecosystem, and the community, creating a division of labor with Teng's operational statement: one level addresses the industry, while the other focuses on on-chain collaboration. Following the news, BGB briefly dropped in value.
In market mechanics, this represents competitors providing liquidity and label assistance to the compromised platform. The sellers are the attack addresses eager to liquidate; the buyers are users still trading on Bitget and accepting fund payouts, as well as external pools handling cross-chain exchanges. Funds are moving from the hot wallet to the marked addresses, and the goal of industry collaboration is to cut off the deposit channels. Beneficiaries are small and medium exchanges' users who want to avoid a second round of bank runs; the pressure is on the immediate depth of stolen assets like BNB and the market makers who must manage their inventories during the withdrawal suspension period. The verbal SAFU does not change the fact that $387.5 million has already left the platform; it only reduces the coordination costs for other platforms to close deposit channels.
Source: Public Information
ABAB AI Insight
CZ completed an industry joint defense authorization with the shortest sentences: he does not comment on Bitget's internal controls, nor does he disclose how many people Binance has involved, but signals that "the ecosystem will help" in a way that can be executed by nodes, browsers, and stablecoin issuers. Teng has already made intelligence sharing concrete, while CZ adds brand endorsement, allowing the community to expand SAFU from a Binance reserve password to cross-exchange discipline. After the amount was revised to $387.5 million, the coverage ratio of a single exchange fund increased, and the value of external assistance shifted from "helping with compensation" to "helping with freezing."
The capital path involves labels and channels. The attackers need to convert XRP, BNB, and stablecoins into mixable assets; Binance and BNB Chain control several deposit and verification nodes among them. The 5% bounty is priced for external executors, and CZ's appeal reduces the cost of these executors being accused of "kicking someone when they're down." The mention of the Bybit channel indicates that the recovery network from the massive theft in 2025 is still operational.
Similar moments include top exchanges issuing reserve proofs after the FTX collapse and the industry freezing lists after the Bybit theft. The current phase sees centralized exchanges treating state-level attacks as operational incidents that can be collaborated on, rather than liquidation events. The ability to freeze TRON and ZEC addresses determines the recovery rate; only SAFU accounts can be forwarded, without entering settlement.
Structural judgment belongs to capital concentration. The right to recover stolen assets is concentrated among a few exchanges and public chains that have deposit switches. The mechanism is: after the hot wallet is drained, the remaining executable leverage is the next step to close the attack addresses. Pricing power shifts partially from the protection fund of the compromised platform to ecological entrances that can reject deposits with one click. A difficult day refers to the suspension of withdrawals, and assistance refers to preventing second jump transactions.
ABAB News · Cognitive Law
- SAFU is a slogan; the deposit switch is the freeze.
- Assistance from competitor exchanges buys the avoidance of a second round of bank runs.
- After the theft of the hot wallet, public chain entrances are more valuable than statements.