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

Exchanges rally to support Bybit amid major security breach linked to notorious Lazarus Group hackers.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.

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

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 exchanges 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.