EddieJayonCrypto
26 Feb 25
Bybit has repaid a 40,000 Ethereum loan, valued at around $99.98 million, obtained from Bitget following a $1.4 billion security incident. The repayment occurred on Feb. 24, with Bybit transferring the funds from its cold wallet back to Bitget. Bitget CEO Gracy Chen confirmed the return of the funds...
Bybit has repaid a 40,000 Ethereum loan, valued at around $99.98 million, obtained from Bitget following a $1.4 billion security incident. The repayment occurred on Feb. 24, with Bybit transferring the funds from its cold wallet back to Bitget. Bitget CEO Gracy Chen confirmed the return of the funds and emphasized that the loan was given as a gesture of support with no interest or collateral requirements.
Bybit also transferred an extra 47,800 ETH, worth around $118 million, from its cold wallet into Binance to settle loans obtained from other institutions and large crypto holders. Meanwhile, the attackers have laundered around 100,000 ETH, valued at approximately $250 million, through complex steps.
Bybit CEO Ben Zhou announced the development of a system to prevent hacks and improve industry-wide efforts to recover lost funds.