Binance and Bitget Step In to Support Bybit After $1.46 Billion Hack

Binance and Bitget have stepped in to help Bybit following a massive hack, transferring over 50,000 ETH to Bybit's cold wallets.

The transfer, which bypassed typical deposit channels, indicates that these exchanges coordinated efforts to assist Bybit after the breach.

Bitget’s contribution of nearly 40,000 ETH was roughly half of its surplus Ethereum reserves, as revealed in its January 9 Proof-of-Reserve report.

Bybit’s CEO, Ben Zhou, confirmed that the hack targeted one of its Ethereum cold wallets, exploiting a vulnerability in a multsignature transaction.

Despite the significant loss, Zhou reassured customers that Bybit remains financially stable and is seeking bridge loans to recover the stolen funds.

Blockchain analyst ZachXBT has linked the attack to the Lazarus Group, a notorious North Korean hacker collective, known for its involvement in the 2022 $625 million exploit of the Axie Infinity Ronin Network.