Bitget Transfers $105 Million in Ether to Bybit After Hack
Crypto exchange Bitget has transferred 40,000 ether (ETH), valued at $105 million, to Bybit following a major hack that resulted in the loss of approximately $1.4 billion in ether from Bybit.
Key points:
- Transfer sourced from Bitget's reserves, not user deposits.
- Bitget assures user deposits are secure and verifiable through proof of reserves.
- CEO Gracy Chen emphasizes support for the crypto community.
- The hack was conducted by a suspected North Korean entity.
- Bybit processed 99% of withdrawal requests amid market stress.
- Part of the stolen funds was moved using the eXch mixer and converted to bitcoin (BTC) via ChainFlip.
- ChainFlip noted it could not block fund movements due to its decentralized nature but took steps to halt some frontend services.
- Bitget blacklisted wallets associated with the hacker and is monitoring transactions from illicit addresses.
- Bybit has resumed normal withdrawal operations after processing over 350,000 requests.