Bitget Transfers $105M in ETH to Bybit Amidst Massive Hack Fallout
Crypto exchange Bitget has stepped in to support Bybit following a devastating $1.4 billion hack, transferring 40,000 ETH (valued at $105 million) to assist the exchange during its recovery.
The funds came directly from Bitget’s reserves, ensuring that user deposits remained untouched and fully verifiable through the platform’s proof of reserves, according to Bitget CEO Gracy Chen. She emphasized the company’s commitment to backing the broader crypto community.
“At Bitget, we strongly believe in supporting the community and everyone contributing to the growth of crypto,” Chen told CoinDesk, adding that additional assistance would be provided if necessary.
The attack, attributed to a suspected North Korean hacking group, saw approximately $1.4 billion in ETH siphoned from Bybit’s platform on Friday. The breach triggered an unprecedented surge in withdrawal requests, with Bybit successfully processing 99% of them, demonstrating resilience under intense market pressure.
By Saturday afternoon (Asia time), the stolen funds began moving, with over 5,000 ETH funneled through the eXch mixer—a service designed to obscure wallet addresses—before being transferred to ChainFlip, a bridge protocol where the assets were converted into Bitcoin (BTC).
ChainFlip, in response, stated on X that while it could not block transactions due to its decentralized nature, it had disabled certain frontend services to limit fund flows.
Meanwhile, Bitget has actively blacklisted addresses associated with the hacker, preventing illicit funds from passing through its platform.
“We will block any transactions from flagged addresses once detected. Our security team and researchers are actively tracking these activities,” Chen stated.
Despite the scale of the attack, Bybit managed to process over 350,000 withdrawal requests and has since restored normal operations, according to an update shared on X.
