On February 21, 2023, the crypto industry witnessed one of the largest hacks when nearly $1.5 billion worth of ETH and stETH was stolen from Bybit. In response, crypto exchanges like Binance and Bitget have shown significant support for Bybit.
Major ETH Transfer from Binance to Bybit
Earlier, Lookonchain reported that 36,000 ETH worth $96.5 million was transferred from Binance's hot wallet to Bybit's cold wallet.
Support for Bybit from Binance and Bitget
On February 21, Binance and Bitget transferred over 50,000 ETH to Bybit’s cold wallets. Bitget's CEO, Gracy Chen, revealed that the 40,000 ETH transferred to Bybit earlier are all Bitget’s own funds. She emphasized that Bitget's user assets are securely stored and the exchange releases monthly PoR to ensure a reserve ratio greater than 1:1.
100% Withdrawals Completed
Earlier, Bybit's CEO, Ben Zhou, revealed that 12 hours after the hack, all withdrawal requests had been processed, and the withdrawal system was back to normal without delays. He mentioned that a full incident report will be released in the coming days.
Following the massive hack, industry leaders have come together to support and assist Bybit in investigating the incident and recovering stolen funds.
