On February 22nd, according to Theblock, Ben Zhao, co-founder and CEO of Bybit, said that after the $1.40 billion hack, all customer withdrawals will be processed. The company will not buy Ethereum, but rely on bridge loans from partners (a short-term loan used to help entities transition). "In effect, we have obtained nearly 80% of the stolen Ether as bridge loans to provide us with liquidity and help us solve the liquidity crunch so that we can get through this critical period."
Bybit had previously confirmed that it had lost $1.40 billion after hackers broke into its multi-signature cold wallet, in what one expert called "the largest cryptocurrency theft ever".
Previously, 39,998 ETH was transferred from BitGet to Bybit. Coinbase head Conor Grogan tweeted that Binance and Bitget deposited over 50,000 ETH directly into Bybit's cold wallet, with Bitget's deposit being 1/4 of all ETH on the exchange.
Bybit CEO: Has taken nearly 80% of stolen ETH from partners as bridge loans to ease liquidity crunch
2025-02-22 00:17:25
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