Bybit has completed the return of 40,000 ETH to Bitget following a major hack, stabilizing the market post-disruption.
Context and Fund Transfer
On February 24, 2025, Bybit transferred 40,000 ETH worth approximately $99.98 million to Bitget. Bitget was one of the first exchanges to assist Bybit after it suffered a loss of around $1.4 billion in one of the largest crypto hacks. Initially, Bybit moved the assets from a hot wallet to a cold wallet before transferring them to Bitget. Additionally, Bybit moved 47,800 ETH to its cold wallet before the transfer to Bitget. Earlier, Bybit was also seen transferring 3,000 ETH to Binance, amounting to approximately $7.5 million.
Bybit's Recovery Measures
Bybit claims to have closed the $1.4 billion loss through whale deposits, ETH purchases, and loans from various exchanges, including Bitget. On February 22, Bybit received $172.5 million in loans, including 40,000 ETH from Bitget and 12,652 stETH from MEXC. Bybit’s CEO stated that an audited plan-of-record report would be released soon, demonstrating 100% asset backing for clients.
Current Situation and Implications
According to Arkham Intelligence, the alleged hacker group Lazarus has begun moving the stolen funds across addresses, indicating potential attempts at laundering. At press time, Ethereum has significantly dropped in value, falling by nearly 9% in the past 24 hours and over 25% in the past month.
The incident with Bybit highlights the critical role of swift support from other exchanges during such crises. Bybit's recovery is ongoing, and the market situation demands constant vigilance.
