Key Points
- Yesterday, Binance and Bitget deposited 50,000 ETH into Bybit's cold wallets.
- Crypto exchanges show support for Bybit following a February 21 $1.5 billion in ETH and stETH hack.
Yesterday, February 21, the crypto industry witnessed a major hack when Bybit suffered a major security breach during which hackers stole almost $1.5 billion worth of ETH and stETH. Since then, crypto exchanges like Binance and Bitget have shown considerable support for the exchange.
36,000 ETH Transferred from Binance to Bybit Earlier
Lookonchain noted earlier today that 36,000 ETH worth $96.5 million was transferred from the Binance hot wallet to the Bybit cold wallet.
The move comes after another transfer that took place early this morning. Lookonchain noted in another X post, citing Arkham data, that a whale or institution has withdrawn 11,800 ETH worth $31 million from Binance to Bybit's cold wallet as a loan to help Bybit process customer withdrawals.
Yesterday, Binance and Bitget deposited more funds to the exchange's cold wallets.
Binance and Bitget Transferred 50,000 in ETH to Bybit
Reports revealed that on February 21, Binance and Bitget deposited over 50,000 ETH directly into Bybit's cold wallets.
A few hours ago, Bitget's CEO Gracy Chen shared a post via X, revealing that the 40,000 ETH transferred to Bybit earlier are all Bitget's own funds.
She said that all Bitget's users' assets are securely stored on the platform, and the exchange releases monthly PoR to ensure a reserve ratio greater than 1:1.
She also highlighted that while the Bybit hack was significant, it only represented a year's profit for them, and said that Bitget is committed to assisting in the investigation.
On February 21, Bybit suffered the greatest hack in history with $1.4 billion in ETH and stETH stolen. Since the hack, Bybit had experienced the most withdrawals ever, according to the exchange's CEO, Ben Zhou.
100% of Withdrawals Are Completed
Earlier, Zhou revealed that 12 hours after the worst hack in history, all withdrawals had been eventually processed, and the withdrawal system was fully back to normal without any delays. He also revealed that Bybit will come out with the full incident report in the next few days.
In an earlier post on X, Zhou said that the exchange had more than 350,000 withdrawal requests and around 2100 of them were left to be processed a few hours ago. Over 99.9% of withdrawals had been completed.
He also said that the exchange was moving 2.95B USDT from their cold wallet to their warm wallet as a planned maneuver.
Zhou revealed that things are not looking that bad and he really started to grasp the concept of losing $1.5 billion.
Bybit Will Release a Bounty Program
Zhou just revealed that they are starting to see some funds being moved to Chainflip.io as bridge to convert to BTC, asking bridges to help by blocking and preventing further conversion to other chains.
Bybit's CEO also said that they will release a bounty program soon to whoever helps the exchange block or trace the stolen funds.
Following yesterday's massive hack, industry leaders have come together, working to support and help Bybit to investigate/retrieve stolen funds.
