🌎 Bybit Repays $100 Million in Ethereum to Bitget

Bybit Repays $100 Million in Ethereum to Bitget Following $1.4 Billion Hack

Transfer of 40,000 ETH Signals Progress in Bybit’s Recovery

Bybit has transferred nearly $100 million worth of Ethereum (ETH) back to Bitget, following a $1.4 billion hack that occurred earlier this month. According to on-chain data, Bitget received 40,000 ETH from a Bybit cold wallet on February 24, valued at approximately $99.98 million at the time of transfer.

This transfer marks a significant step in Bybit’s recovery efforts, as the exchange had borrowed 40,000 ETH from Bitget immediately after the hack to cover customer withdrawals. Bybit has also moved 47,800 ETH ($118 million) to its cold wallet before the Bitget transfer, demonstrating its progress in managing the aftermath of the hack.

Additional Transfers and Price Movement

In addition to the transfer to Bitget, Bybit was also seen making a transfer of 3,000 ETH to Binance from a hot wallet, worth $7.5 million at the time. Meanwhile, the price of Ethereum has experienced a downward trend, falling by nearly 9% in the past 24 hours and 7% in the past week.

At press time, Ethereum is trading at $2,489, with a market capitalization that makes it the second-largest cryptocurrency.

Bybit’s Road to Recovery

As previously reported, Bybit has claimed to have fully covered the $1.4 billion loss in Ethereum tokens suffered from the hack. The exchange achieved this through a combination of whale deposits, ETH purchases, and loans from various exchanges, including Bitget.

Some key points about Bybit’s recovery efforts include:

Receipt of $172.5 million in loans from various exchanges and institutions to manage customer withdrawals.
Loans included 40,000 ETH from Bitget, 12,652 in Lido staked ETH (STETH) from MEXC, and 11,800 ETH from Binance.
Bybit’s CEO has announced plans to publish an audited plan-of-record report to demonstrate that the exchange is “100% 1:1 on client assets.”

Despite the progress made in Bybit’s recovery efforts, data suggests that the hacker, believed to be Lazarus Group, has started laundering the stolen funds. Wallets linked to the hacker have been making multiple transactions per minute, moving ETH from one address to another.

For more news on the cryptocurrency market and updates on Bybit’s recovery, visit Global Crypto News.