Binance and Bitget Transfer 50,000 ETH to Bybit
Summary
- Binance and Bitget reported transferring 50,000 ETH to Bybit's cold wallet following the hacking incident.
- Bybit suffered a loss of 401,346 ETH from the hack and announced plans to cover losses through funding from partner companies.
- North Korea's 'Lazarus Group' has been identified as the primary suspect in this hack, with previous connections to the Axie Infinity incident.
Global cryptocurrency exchanges Binance and Bitget have transferred 50,000 Ethereum (ETH) to Bybit's cold wallet following Bybit's security incident. Bybit's total loss from this incident amounts to 401,346 ETH.
According to CryptoBriefing on the 21st (local time), these exchanges processed the transfer directly without going through regular deposit addresses. Notably, Bitget's contribution of 39,999 ETH represents approximately half of their Ethereum reserves.
Bybit CEO Ben Zhou announced that day that hackers had compromised the exchange's Ethereum cold wallet through manipulated multi-sig transactions. He stated, "Bybit's ability to pay remains unaffected" and added, "We plan to cover the losses with funds received from partner companies."
Blockchain security analyst ZachXBT identified the North Korean state-sponsored hacking group 'Lazarus Group' as the primary suspect behind this hack. The Lazarus Group was previously linked to the theft of approximately $625 million worth of cryptocurrency from Axie Infinity's Ronin Network in 2022.
Doohyun Hwang
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