Bitget Sends 40,000 ETH to Bybit Following $1.4B Hack, Blacklists Stolen Funds

Crypto exchange Bitget has stepped in to support Bybit following a massive $1.4 billion exploit, transferring 40,000 ETH—worth approximately $105 million—to help stabilize the platform.

Bitget CEO Gracy Chen confirmed that the funds came from the exchange’s own reserves, not user deposits, which remain fully secure and verifiable through its proof of reserves system.

“At Bitget, we are committed to supporting the broader crypto ecosystem and those working to drive its growth,” Chen told CoinDesk, adding that additional support could be provided if necessary.

The attack, reportedly carried out by a North Korean hacking group, forced Bybit to handle an overwhelming number of withdrawal requests. Despite the pressure, the exchange successfully processed 99% of them, demonstrating resilience in the face of the crisis.

On Saturday, hackers began laundering portions of the stolen funds, moving over 5,000 ETH through eXch mixer—an anonymizing service—before swapping it for Bitcoin (BTC) via the ChainFlip protocol.

In response, ChainFlip noted on X that it could not directly block the transactions due to its decentralized nature but had disabled certain frontend services to hinder further movement.

Meanwhile, Bitget has taken action by blacklisting wallets linked to the attackers.

“Our security and research teams are actively tracking the hacker’s movements, and any illicit funds sent to Bitget will be blocked immediately,” Chen said.

Despite the significant breach, Bybit announced that it has processed over 350,000 withdrawals and has since restored normal operations, according to an update on X.