- Crypto exchange Bitget transfers 40,000 ETH ($105 million) to support Bybit following a $1.4 billion hack.
- The transferred funds come from Bitget’s reserves, not user deposits, as confirmed by CEO Gracy Chen.
- Suspected North Korean Hackers moved over 5,000 ETH through eXch mixer before converting to Bitcoin via ChainFlip.
- Bybit successfully processed 99% of withdrawal requests during the stress test following the hack.
- Bitget has implemented security measures by blacklisting wallets associated with the hack.
Cryptocurrency exchange Bitget has extended support to fellow exchange Bybit by transferring 40,000 ether (ETH), valued at $105 million, following a massive security breach that resulted in approximately $1.4 billion in losses.
Bitget CEO Gracy Chen emphasized that the transferred funds originated from the exchange’s own reserves, maintaining that user deposits remain secure and verifiable through proof of reserves. “At Bitget we strongly believe in supporting the community and everyone contributing towards the growth of crypto,” Chen stated.
The hack, attributed to a suspected North Korean entity, triggered an unprecedented volume of withdrawal requests at Bybit. The exchange demonstrated resilience by successfully processing 99% of these requests, effectively passing a significant market stress test.
Tracking the stolen funds revealed that over 5,000 ETH were moved through eXch, a cryptocurrency mixing service that obscures transaction trails by combining multiple transactions. The funds were subsequently transferred to ChainFlip, a decentralized bridge protocol where they were converted to bitcoin (BTC).
In response to the security breach, Bitget implemented protective measures by blacklisting wallets connected to the hack. “We will block any transactions flowing in from illicit addresses to the exchange once it has been monitored. Our team of security, and researchers, are currently tracking these activities,” Chen confirmed.
The incident highlights the growing trend of inter-exchange support within the cryptocurrency ecosystem, particularly during security crises. Despite the significant breach, Bybit has since restored normal withdrawal operations after processing over 350,000 withdrawal requests, demonstrating the industry’s improving capability to handle large-scale security incidents.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Bybit Exchange Resumes Normal Operations After Historic $1.5B Hack
- SEC Withdraws Lawsuit Against Coinbase in Major Cryptocurrency Development
- Blockchain Gaming Faces Investment Drought as Capital Recycles Between Projects
- Crypto Platform Suffers Ether Wallet Breach, Customer Assets Remain Secure
- Bitcoin Nears $100,000 Mark as Altcoin Markets Rally
