{"id":14465,"date":"2025-02-22T09:32:16","date_gmt":"2025-02-22T09:32:16","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=14465"},"modified":"2025-02-22T09:32:16","modified_gmt":"2025-02-22T09:32:16","slug":"crypto-exchanges-start-to-fill-bybits-1-4b-hole-as-hackers-move-stolen-funds","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=14465","title":{"rendered":"Crypto Exchanges Start to Fill Bybit&#8217;s $1.4B Hole as Hackers Move Stolen Funds"},"content":{"rendered":"<div>\n<p>Crypto exchange Bitget has transferred 40,000 ether (ETH), 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.<\/p>\n<p>The funds transferred are from Bitget&#8217;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&#8217;s CEO, Gracy Chen, said in a note shared with CoinDesk, while assuring more support if needed.<\/p>\n<p>&#8220;At Bitget we strongly believe in supporting the community and everyone contributing towards the growth of crypto,&#8221; Chen said.<\/p>\n<p>A <a href=\"https:\/\/www.coindesk.com\/markets\/2025\/02\/21\/north-korean-hackers-were-behind-crypto-s-largest-left-of-all-time\" target=\"_blank\">suspected North Korean entity<\/a> 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.<\/p>\n<p>Part of the stolen funds started to move during Asian afternoon hours on Saturday with over 5,000 ETH moved through eXch mixer &#8211; a service that masks wallet address &#8211; before being sent to bridge protocol ChainFlip where the stash was converted to bitcoin (BTC).<\/p>\n<p>In an <a href=\"https:\/\/x.com\/Chainflip\/status\/1893217622507851837\" target=\"_blank\">X post<\/a>, ChainFlip said it couldn&#8217;t block fund movements as it was a fully decentralized applications that relies on automated smart contracts, but that it had &#8220;turned off some frontend services to stop the flow.&#8221;<\/p>\n<p>On the other hand, Bitget has blacklisted wallets tied to the hacker that drained ether worth millions from Bybit on Friday.<\/p>\n<p>&#8220;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,&#8221; Chen said.<\/p>\n<p>Despite the hack, Bybit had managed to process over 350,000 withdrawal requests and has since restored normal withdrawal operations, per an X post.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Crypto exchange Bitget has transferred 40,000 ether (ETH), 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&#8217;s own reserves, not user deposits, which remain securely stored on the platform and can be cross checked [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-14465","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/14465","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14465"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/14465\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}