Bitget Transfers $105M in ETH to Bybit, Pledges Support After Massive Hack
In a show of industry solidarity, crypto exchange Bitget has transferred 40,000 ETH—valued at approximately $105 million—to Bybit, following a devastating $1.4 billion hack that shook the exchange.
The assistance comes from Bitget’s own reserves, ensuring that user funds remain untouched. Bitget CEO Gracy Chen reassured the community that the platform’s proof-of-reserves system allows for full transparency and verification of its holdings.
“We believe in supporting the crypto community and standing with those who contribute to its growth,” Chen told CoinDesk, adding that Bitget is prepared to offer additional aid if necessary.
Bybit suffered the massive breach on Friday, with the attack attributed to a North Korean hacking group. The incident led to a surge in withdrawal requests from concerned users, but the exchange successfully processed 99% of them, demonstrating its ability to withstand the pressure.
Meanwhile, the stolen funds have begun moving. On Saturday, hackers funneled over 5,000 ETH through eXch mixer—an anonymization service—before transferring it to the ChainFlip protocol, where it was converted into Bitcoin (BTC).
ChainFlip addressed the situation on X, explaining that, as a decentralized platform, it cannot block transactions but had disabled certain frontend services to limit the hacker’s ability to move funds.
On the security front, Bitget has proactively blacklisted addresses associated with the attacker.
“We are closely monitoring these illicit transactions, and any attempt to move stolen funds into Bitget will be blocked,” Chen stated.
Despite the setback, Bybit has remained operational, successfully completing over 350,000 withdrawals. The exchange has since announced that all withdrawal services have returned to normal.
