{"id":14539,"date":"2025-02-23T02:31:33","date_gmt":"2025-02-23T02:31:33","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=14539"},"modified":"2025-02-23T02:31:33","modified_gmt":"2025-02-23T02:31:33","slug":"bybit-turns-to-bitget-and-binance-for-239-million-eth-loan-amid-withdrawal-spike","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=14539","title":{"rendered":"Bybit Turns To Bitget And Binance For $239 Million ETH Loan Amid Withdrawal Spike"},"content":{"rendered":"
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Bybit, a popular crypto exchange, is reeling from the massive hack worth $1.5 billion<\/a> in digital assets. According to reports, the hackers targeted the crypto exchange\u2019s cold wallet, an offline storage system, to steal the exchange\u2019s assets, primarily Ether. On-chain data reveals that the stolen funds were quickly transferred into different wallets and liquidated on several platforms. <\/p>\n

Ben Zhou, Bybit\u2019s CEO, promptly addressed the hack and told users that the site\u2019s other cold wallets are secure and withdrawals are processed \u201cnormally\u201d.\u00a0<\/p>\n

As the company struggles with a surge in withdrawal requests, it received over 88,000 ETH (worth around $239 million) from popular exchanges like Binance and Bitget. The fresh crypto transfers from these two popular exchanges boosted Bybit\u2019s liquidity, allowing it serve the customers\u2019 withdrawal requests.<\/p>\n

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Bybit detected unauthorized activity involving one of our ETH cold wallets. The incident occurred when our ETH multisig cold wallet executed a transfer to our warm wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing\u2026<\/p>\n

\u2014 Bybit (@Bybit_Official) February 21, 2025<\/a><\/p>\n<\/blockquote>\n

Authorities Link Breach To North Korean Hacking Group<\/strong><\/h2>\n

Friday\u2019s hacking of the Bybit cold wallet<\/a> is considered the biggest crypto hacking on record. Arkham Intelligence and Elliptic said the stolen digital assets were quickly transferred to different accounts and liquidated within minutes. Elliptic reports that the hacking is by far the biggest in the industry and easily surpassed the stolen $570 million from Binance in 2022 and the $611 million worth of crypto assets drained from Poly Network in 2021.<\/p>\n

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ByBit CEO says the platform is experiencing \u201cmassive withdrawals.\u201d https:\/\/t.co\/Xi5vhqMqWI<\/a><\/p>\n

\u2014 FORTUNE (@FortuneMagazine) February 21, 2025<\/a><\/p>\n<\/blockquote>\n

Elliptic speculated that the Lazarus Group, a state-backed hacking team in North Korea, perpetrated the hack. The Lazarus Group<\/a> is known for its crypto-hacking activities, stealing billions of dollars from different sites.\u00a0<\/p>\n

Bybit Gets Help From Binance And Bitget<\/strong><\/h2>\n

As Bybit struggled to service the surge of withdrawals, it received help from other popular exchanges to cover the requests. Arkham said the exchange received more than 88,000 Ether or roughly $239 million from Binance and Bitget addresses.<\/p>\n

The fund infusion can boost the exchange\u2019s current liquidity as it addresses the massive withdrawal requests. Bybit confirmed that its users moved funds from the exchange after the hack was made public.<\/p>\n

<\/p>\n

Arkham said Bitget transferred 40,000 Ether, or $106 million, to a Bybit cold wallet on February 21st at 19:44 (UTC). Lookonchain argued that Bitget transferred its funds to the exchange to boost its liquidity and serve as a vote of confidence.\u00a0<\/p>\n

After 10 minutes, a Binance hot wallet transferred 11,800 Ether or $31 million to the same Bybit cold wallet address. In total, Binance has transferred 47,800 Ether or $127.48 million.\u00a0<\/p>\n

CEO Explains Crypto Exchange Remains Solvent<\/strong><\/h2>\n

Bybit\u2019s CEO, Ben Zhou, has assured its users and customers that the exchange is solvent. In a Twitter\/X post, the CEO explained that the customers\u2019 funds are backed 1:1 and that the company can service the losses even if it fails to recover them.<\/p>\n

Featured image from Adobe Stock, chart from TradingView<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bybit, a popular crypto exchange, is reeling from the massive hack worth $1.5 billion in digital assets. According to reports, the hackers targeted the crypto exchange\u2019s cold wallet, an offline storage system, to steal the exchange\u2019s assets, primarily Ether. On-chain data reveals that the stolen funds were quickly transferred into different wallets and liquidated on […]<\/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-14539","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\/14539","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=14539"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/14539\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}