Crypto Exchanges Rush to Offset Bybit’s $1.4B Deficit While Stolen ETH Circulates

Bitget Sends $105M in Emergency ETH Transfer to Bybit After Major Hack

Crypto exchange Bitget has stepped in to support Bybit after the latter suffered a staggering $1.4 billion hack, transferring 40,000 ETH (worth $105 million) to assist the exchange.

Bitget confirmed that the funds came from its own reserves, assuring users that customer deposits remain untouched and verifiable through its proof-of-reserves system.

“Bitget is committed to supporting the crypto ecosystem and those working to strengthen it,” said CEO Gracy Chen in a statement to CoinDesk. She also noted that the exchange is prepared to provide further assistance if needed.

The hack, attributed to a North Korean cybercriminal group, led to a surge in withdrawal requests at Bybit. Despite the pressure, the exchange managed to process 99% of the requests, proving its operational resilience under stress.

Meanwhile, blockchain analysts observed the stolen funds starting to move. On Saturday, hackers funneled over 5,000 ETH through the privacy-focused eXch mixer before converting it into Bitcoin via the ChainFlip protocol.

ChainFlip responded on X, explaining that as a decentralized platform, it cannot block transactions but had disabled some frontend services to slow down the flow of illicit funds.

In a parallel move to counteract the hackers, Bitget has blacklisted wallet addresses linked to the exploit.

“Our security team is closely tracking the movement of these stolen funds, and we will prevent any illicit transactions from passing through our platform,” Chen stated.

Despite the security breach, Bybit has since completed over 350,000 withdrawal requests and announced that normal operations have resumed.