22-2-2025 – Cryptocurrency exchange Bitget has transferred 40,000 ethereum (ETH) tokens, valued at approximately $105 million, to fellow exchange Bybit following one of the largest crypto heists in recent history.
The substantial financial support comes after Bybit fell victim to a sophisticated cyber attack, reportedly orchestrated by North Korean actors, which resulted in the theft of roughly $1.4 billion in digital assets last Friday.
Bitget’s chief executive, Gracy Chen, confirmed that the transferred funds originated from the company’s own reserves, emphasising that user deposits remain untouched and verifiable through their proof of reserves system. “We maintain an unwavering commitment to supporting our community and those who contribute to crypto’s advancement,” Chen stated in an official communication.
The aftermath of the attack saw Bybit face an unprecedented surge in withdrawal requests, successfully managing to process 99% of user withdrawals in what market analysts describe as a significant stress test for the platform.
Blockchain surveillance revealed that the perpetrators began moving portions of the stolen funds during Saturday’s Asian trading session. Over 5,000 ETH was channelled through eXch, a cryptocurrency mixing service designed to obscure transaction trails, before being converted to bitcoin via the ChainFlip protocol.
ChainFlip representatives acknowledged their limited ability to intervene, citing the decentralised nature of their smart contracts. However, they confirmed taking preventative measures by disabling certain front-end services to impede further fund movements.
In response to the incident, Bitget has implemented stringent security measures, including blacklisting wallet addresses associated with the cyber theft. “Our security and research teams are maintaining vigilant oversight of these activities, and we will prevent any transactions from compromised addresses reaching our exchange,” Chen explained.
Despite the severity of the attack, Bybit has demonstrated remarkable resilience, successfully processing more than 350,000 withdrawal requests and restoring normal operations, according to their latest communications on social media platform X.
