Crypto Giants Transfer 50K ETH to Bybit

Binance and Bitget Transfer Over 50,000 ETH to Bybit Post-Hack

• Binance and Bitget transferred more than 50,000 ETH to Bybit’s cold wallets.
• The transfer followed a security breach that resulted in the theft of 401,346 ETH from Bybit.
• The hack was attributed to the Lazarus Group, a North Korean cybercriminal organization.
• Bitget’s contribution of 39,999 ETH represents about half of its excess reserves.
• Bybit CEO Ben Zhou confirmed the breach involved a manipulated multising transaction.

Following a major security breach at Bybit resulting in the loss of over $1.46 billion worth of Ethereum, Binance and Bitget transferred significant funds to support Bybit. The Lazarus Group was identified as responsible for the attack.