On February 22, 2025, it was revealed that Bitget has transferred 40,000 ether (ETH), worth $105 million, to Bybit, providing essential support after a significant hack that drained approximately $1.4 billion from the exchange. This transfer was made from Bitget's own reserves, ensuring that user deposits were not affected and could be verified through proof of reserves. Following the hack, which prompted a surge in withdrawal requests, Bybit managed to process 99% of these requests despite the chaos. Meanwhile, part of the stolen funds began moving and were laundered through a mixer before being converted to bitcoin via the ChainFlip protocol. Bitget has taken measures to block transactions from wallets associated with the hackers, vowing to monitor illicit activity closely. Bybit has since restored normal withdrawal operations after successfully addressing the immediate fallout from the hack.

Source 🔗