Cryptocurrency exchange Bitget has transferred 40,000 ether (ETH), equating to $105 million, to Bybit in a move aimed at ameliorating the situation following a hack that resulted in the loss of over $1.4 billion. The funds transferred were from Bitget’s reserves and not user deposits, which remain secure according to the company’s CEO, Gracy Chen.

“At Bitget we strongly believe in supporting the community and everyone contributing towards the growth of crypto,” Chen highlighted.

A suspected North Korean group was responsible for draining approximately $1.4 billion in ether from Bybit, creating an avalanche of withdrawal requests that the exchange managed to process successfully at a rate of 99%.

During the following day, stolen funds began to transit through various protocols, including ChainFlip, where they were converted to Bitcoin (BTC). Despite the breach, Bybit has resumed normal operations, facilitating over 350,000 withdrawal requests that were once under immense stress.

Key Points

• Bitget provided crucial support of 40,000 ETH to Bybit after a significant hacking event.
• CEO Gracy Chen reassured users that their funds are safely held on the platform.
• The hack triggered a wide array of withdrawals, putting the exchange’s processing capabilities to the test.