Crypto Exchange Bitget has transferred 40,000 ether (ETH), worth $ 105 million, to Bybit, giving crucial support for its industry counterpart in the wake of the over billion dollars hack the exchange has suffered.
The transferred funds are from Bitget’s own reserves, not user deposits that remain safely stored on the platform and can be crossed through the proof of reserves, said Exchange’s CEO, Gracy Chen, in a note shared with Coindesk while securing more support if necessary.
“At Bitget, we strongly believe in supporting society and everyone who contributes to the growth of crypto,” Chen said.
A suspected North Korean unit drained approx. 1.4 billion dollars in ether from Bybit Friday. The hack was given an unprecedented wave of withdrawal requests from users, with the stock exchange successfully treatment of 99% of them, which is effectively facing a significant market test test.
Some of the stolen funds started moving in Asian afternoon hours on Saturday with over 5,000 ETH moved through the Exch mixer – a service that masks the wallet address – before being sent to the Bridge Protocol Chainflip, where Stash was converted to Bitcoin (BTC).
In an X -post, Chainflip said it couldn’t block fund movements as it was a fully decentralized applications that are dependent on automated smart contracts, but that it had “turned some frontend services to stop the power.”
On the other hand, Bitget has blacklisted wallets tied to the hacker, draining Ether worth millions from Bybit on Friday.
“We will block any transactions that flow in from illegal addresses to the exchange when it has been monitored. Our team of security and researchers are currently tracking these activities,” Chen said.
Despite the hack, Bybit had managed to treat over 350,000 withdrawal requests and have since restored normal withdrawal operations per year. X Post.
