In a display of unity within the crypto sector, Bitget came to Bybit's aid following a hack that resulted in a $1.4 billion loss. Bitget transferred 40,000 Ethereum (ETH), equivalent to $105 million, to bolster Bybit’s recovery efforts.
Bybit's Response to the Crisis
Bybit’s response to the crisis was critical for maintaining user confidence. Despite a flood of withdrawal requests, the platform successfully processed over 350,000 transactions, allowing operations to continue smoothly.
Measures Taken by Other Exchanges
In the wake of the attack, other crypto exchanges like Bitget have stepped up their security measures. Bitget announced the blacklisting of wallets linked to the hackers, with their CEO Gracy Chen emphasizing the vigilance of their security team in monitoring suspicious activities.
Increased Focus on Security
Bybit is actively working to restore trust in its platform following this significant security breach. The cryptocurrency market is witnessing increased attention to cybersecurity, pushing exchanges to enhance their protective measures against potential future attacks.
Bybit continues its recovery efforts post-hack, while the crypto sector strengthens its security measures to safeguard users from future threats.
