In a major development for the Web3 space, Binance CEO Richard Teng publicly expressed full support for exchange competitor Bitget following a recent hot wallet security breach detected on September 24, 2026.
This statement comes directly after Bitget CEO Gracy Chen confirmed that unauthorized transfers were detected from certain hot wallets at 18:31 UTC on September 24.
🛡️ Key Takeaways from Richard Teng's Announcement
Direct Collaboration: Binance’s dedicated security team has been collaborating closely with Bitget’s technical team from the moment the exploit was flagged.
Active Security Assistance: Binance is assisting with tracing stolen funds, sharing real-time threat intelligence, and aiding in recovery efforts.
Industry Leadership: This solidarity underscores how major Web3 leaders unite against bad actors during critical incidents to safeguard user security across the ecosystem.
💡 Why This Matters for Crypto Traders
Security breaches test exchange resilience, but coordinated industry responses limit contagion risks. When leading security operations work together to freeze and trace exploit funds, the probability of asset recovery increases significantly.
What is your reaction to this collaborative move by Binance & Bitget?
👇 Comment your thoughts below! Do you feel your funds are safe in Web3 hot wallets?
