Binance and Bitget transfer over 50K ETH to Bybit in sign of confidence

Key Takeaways

Binance and Bitget transferred over 50,000 ETH to support Bybit after a major security breach.
The hack, attributed to the Lazarus Group, resulted in a theft of 401,346 ETH from Bybit.

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Binance and Bitget transferred over 50,000 ETH to Bybit’s cold wallets today following a security breach that resulted in the theft of 401,346 ETH ($1.46 billion) from the exchange.

Binance and Bitget just deposited 50k+ ETH directly into Bybit’s cold wallets. Bitget’s deposits are especially interesting; its 1/4 of all of the exchange’s ETH! (that I can see)

Since they skipped a deposit address, these funds were coordinated directly by Bybit themselves pic.twitter.com/yimpcYpLx7

— Conor (@jconorgrogan) February 21, 2025

The direct deposits bypassed standard deposit addresses, suggesting a coordinated effort among the exchanges to support Bybit during the crisis.

Bitget’s contribution of 39,999 ETH represents about half of its excess ETH reserves, according to Bitget’s latest disclosure of Proof-of-Reserve as of January 9.

Bybit CEO Ben Zhou confirmed that hackers compromised one of the exchange’s Ethereum cold wallets through a manipulated multising transaction.

Zhou assured users that Bybit remains solvent and was seeking bridge loans from partners to cover the losses.

Blockchain investigator ZachXBT attributed the hack to the Lazarus Group, a North Korean state-sponsored cybercriminal organization previously linked to the $625 million Axie Infinity Ronin Network exploit in 2022.

BREAKING: BYBIT $1 BILLION HACK BOUNTY SOLVED BY ZACHXBT

At 19:09 UTC today, @zachxbt submitted definitive proof that this attack on Bybit was performed by the LAZARUS GROUP.

His submission included a detailed analysis of test transactions and connected wallets used ahead of… https://t.co/O43qD2CM2U pic.twitter.com/jtQPtXl0C5

— Arkham (@arkham) February 21, 2025