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.

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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.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.