In a remarkable display of unity within the cryptocurrency sector, Bitget has come to Bybit’s aid after a devastating hack that led to a loss of $1.4 billion. Bitget transferred 40,000 Ethereum (ETH), equating to $105 million, from its reserves to bolster Bybit’s recovery efforts. This support comes as Bybit faced an overwhelming demand for withdrawals in the wake of the breach, yet the exchange managed to fulfill 99% of requests.
How Did Bybit Respond to the Crisis?
Bybit’s response to the crisis was critical in maintaining user confidence. Despite a flurry of withdrawal requests, the platform successfully processed over 350,000 transactions, allowing operations to resume smoothly.
What Measures Are Other Exchanges Taking?
In the aftermath of the attack, other cryptocurrency exchanges like Bitget have stepped up their security measures. Bitget announced the blacklisting of wallets linked to the hackers, with their CEO Gracy Chen emphasizing the vigilance of their security team in monitoring suspicious activities.
Key points from the incident include:
- Bitget’s transfer of $105 million in ETH to support Bybit.
- Bybit’s successful processing of 99% of withdrawal requests.
- The use of eXch privacy service by hackers to launder funds.
- Bitget’s proactive measures to blacklist hacker-associated wallets.
- Increased scrutiny on decentralized applications for potential vulnerabilities.
Bybit is actively working to restore trust in its platform following this significant security breach. The cryptocurrency market is witnessing increased attention to cybersecurity, pushing exchanges to enhance their protective measures against potential future attacks.
