Chinese Crypto Leaders Step In to Support Bybit After Recent Hack

After a significant hack on Bybit that saw $1.5 billion in Ethereum stolen, several prominent figures in the Chinese crypto space have stepped in to assist the exchange by depositing ETH to boost its liquidity.

To aid in stabilizing the platform, Huobi’s co-founder Du Jun contributed 10,000 ETH, pledging to leave the funds in place for at least a month. In addition, the co-founders of both Conflux and Mask Network followed suit by sending Ethereum back to Bybit.

Ben Zhou, the CEO of Bybit, expressed his appreciation for the support provided by key industry players during such a challenging period.

Notable companies that contributed include Antalpha, Bitget, Pionex, MEXC, Mirana, and others from across the blockchain sector, including the Solana and TON Foundations, and Tether.

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Despite the severe loss, Gracy, CEO of Bitget, reassured the market, highlighting that the stolen funds represented Bybit’s annual profit of $1.5 billion, but importantly, customer assets remained fully secure. Furthermore, the assistance provided by Bitget was from their own funds, not user assets.

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.