Crypto Exchange Bitget has transferred 40,000 Ether (ETH), with a value of $ 105 million, to Bybit, offering crucial support to its counterpart of the industry following the hack of more than one billion dollars suffered by the exchange.
The transferred funds are from Bitget’s own reservations, not the deposits of the users, which remain safely stored on the platform and can be verified crossed through the reservations, said the CEO of the Stock Exchange, Gracy Chen, In a note shared with Coendesk, while ensuring more support if necessary.
“In Bitget we firmly believe in supporting the community and all those that contribute to cryptography growth,” Chen said.
An alleged North Korean entity exhausted approximately $ 1.4 billion in Ether from Bybit on Friday. The trick caused a wave of unprecedented retirement requests of users, and the exchange successfully processed 99% of them, effectively facing a significant market stress test.
Part of the stolen funds began to move during the Asian afternoon hours on Saturday with more than 5,000 ETH moved through the Exch mixer, a service that masks the wallet address, before being sent to the bridge protocol chain where the stash became Bitcoin (BTC).
In an X publication, Chainflip said he could not block the movements of the funds, since it was fully decentralized applications that is based on automated intelligent contracts, but that “he had turned off some Frontend services to stop the flow.”
On the other hand, Bitget has wallets on the blacklist linked to the hacker that drained Ether worth millions of Bybit on Friday.
“We will block any transaction that flows from illegal directions to the exchange once it has been monitored. Our security team and researchers are tracking these activities,” Chen said.
Despite the trick, Bybit had managed to process more than 350,000 retirement applications and since then has restored normal retirement operations, according to an X publication.
