Share this article
Crypto Exchanges Start to Fill Bybit's $1.4B Hole as Hackers Move Stolen Funds
"At Bitget we strongly believe in supporting the community and everyone contributing towards the growth of crypto," company CEO Gracy Chen told CoinDesk.
Updated Feb 22, 2025, 9:36 a.m. Published Feb 22, 2025, 9:24 a.m.
What to know:
- Bybit stolen funds are on the move and being converted to bitcoin.
- Bitget has moved some of its own reserves to Bybit to help support the exchange, CEO Gracy Chen said.
- Chen added that users' funds are securely stored on the platform.
Crypto exchange Bitget has transferred 40,000 ether , worth $105 million, to Bybit, offering crucial support to its industry counterpart in the wake of the over billion-dollar hack suffered by the exchange.
The funds transferred are from Bitget's own reserves, not user deposits, which remain securely stored on the platform and can be cross checked through the proof of reserves, the exchange's CEO, Gracy Chen, said in a note shared with CoinDesk, while assuring more support if needed.
STORY CONTINUES BELOW
Verpassen Sie keine weitere Geschichte.Abonnieren Sie noch heute den Crypto Daybook Americas Newsletter. Alle Newsletter ansehen
"At Bitget we strongly believe in supporting the community and everyone contributing towards the growth of crypto," Chen said.
A suspected North Korean entity drained approximately $1.4 billion in ether from Bybit on Friday. The hack prompted an unprecedented wave of withdrawal requests from users, with the exchange successfully processing 99% of them, effectively facing a significant market stress test.
Part of the stolen funds started to move during Asian afternoon hours on Saturday with over 5,000 ETH moved through eXch mixer - a service that masks wallet address - before being sent to bridge protocol ChainFlip where the stash was converted to bitcoin .
In an X post, ChainFlip said it couldn't block fund movements as it was a fully decentralized applications that relies on automated smart contracts, but that it had "turned off some frontend services to stop the flow."
On the other hand, Bitget has blacklisted wallets tied to the hacker that drained ether worth millions from Bybit on Friday.
"We will block any transactions flowing in from illicit addresses to the exchange once it has been monitored. Our team of security, and researchers, are currently tracking these activities," Chen said.
Despite the hack, Bybit had managed to process over 350,000 withdrawal requests and has since restored normal withdrawal operations, per an X post.
Mehr für Sie
Was Sie wissen sollten:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Mehr für Sie
Asia Morning Briefing: Bitcoin Drifts Near $89K as Traders Step Back and Balance Sheets Step In
FlowDesk sees fading post-Fed demand and low leverage, while Glassnode data show digital asset treasuries quietly resuming bitcoin accumulation in a range-bound market.
Was Sie wissen sollten:
- Bitcoin traded near $89,000 as liquidity thinned and demand faded following a recent Fed rate cut.
- Market caution persists with BTC and ETH retracing gains, while altcoins remain under pressure.
- Gold maintains near-record highs due to rate cuts and central bank demand, while Asian markets opened lower amid cautious investor sentiment.
Top Stories
