In a significant show of industry solidarity, crypto exchange Bitget has transferred 40,000 ether (ETH), valued at $105 million, to Bybit following a massive $1.4 billion hack. The funds came from Bitget’s reserves, not user deposits, which remain secure. Bybit faced an unprecedented withdrawal rush, successfully processing 99% of over 350,000 requests. Hackers, suspected to be from North Korea, moved over 5,000 ETH through eXch mixer before converting it to bitcoin (BTC) via ChainFlip. Despite ChainFlip’s decentralized nature preventing direct intervention, it took measures to hinder further movement. Bitget has blacklisted wallets linked to the hackers and is actively monitoring transactions to prevent illicit funds from entering the exchange. Bybit has since restored normal withdrawal operations.
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