Crypto Exchange Bitget Offers Support to Bybit After Hack
$105 Million in ETH Transferred to Support Bybit
In the wake of a massive hack that saw over $1.4 billion in ether (ETH) drained from Bybit, the crypto exchange has received significant support from its industry counterpart, Bitget. According to reports, Bitget has transferred 40,000 ETH, worth approximately $105 million, to Bybit in a bid to offer crucial support to the affected exchange.
Bitget’s Support: A Gesture of Solidarity
In a statement shared with CoinDesk, Bitget’s CEO, Gracy Chen, emphasized the importance of community support and the growth of the crypto industry. "At Bitget, we strongly believe in supporting the community and everyone contributing towards the growth of crypto," she said. The transfer of funds from Bitget’s own reserves to Bybit is a testament to this commitment.
The Hack: A Significant Market Stress Test
The hack, which is believed to have been carried out by a suspected North Korean entity, has put Bybit under immense pressure. The exchange successfully processed 99% of its withdrawal requests, effectively facing a significant market stress test. The hack has also prompted a wave of withdrawal requests from users, with Bybit working to resolve the issue.
The Aftermath: A Complex Web of Transactions
As the hack unfolded, a complex web of transactions emerged. Over 5,000 ETH was transferred through eXch mixer, a service that masks wallet addresses, before being sent to bridge protocol ChainFlip. ChainFlip, in turn, converted the stash to bitcoin (BTC). In an X post, ChainFlip explained that it was unable to block fund movements due to its decentralized nature, but had "turned off some frontend services to stop the flow."
Bybit’s Response: A Strong Stance Against Illicit Activities
In response to the hack, Bybit has taken a strong stance against illicit activities. The exchange has blacklisted wallets tied to the hacker, vowing to block any transactions flowing from these addresses. "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 said.
Conclusion
The hack of Bybit serves as a stark reminder of the need for robust security measures in the crypto industry. The support offered by Bitget is a testament to the importance of community and the growth of the sector. As the industry continues to evolve, it is crucial that exchanges prioritize security and work together to protect their users.
FAQs
Q: What is the value of the funds transferred from Bitget to Bybit?
A: The funds transferred are worth approximately $105 million.
Q: How did the hack unfold?
A: The hack saw over 1.4 billion in ether (ETH) drained from Bybit. The funds were transferred through eXch mixer and ChainFlip before being converted to bitcoin (BTC).
Q: How has Bybit responded to the hack?
A: Bybit has taken a strong stance against illicit activities, blacklisting wallets tied to the hacker and vowing to block any transactions flowing from these addresses.
Q: What is Bitget’s stance on the hack?
A: Bitget’s CEO, Gracy Chen, has emphasized the importance of community support and the growth of the crypto industry, stating that the transfer of funds is a gesture of solidarity.
