Crypto Exchange Bitget transferred 40,000 ether (ETH), worth $ 105 million, to be by Byit, offering crucial support to its industry counterpart following piracy of more than a billion Dollars suffered by exchange.
The transferred funds are own Bitget reserves, not user deposits, which remain safe on the platform and can be verified through the procedures, the CEO of the exchange, Garcy Chen, A Declared in a shared note with Coindesk, while providing more support if necessary.
“At Bitget, we firmly believe in support of the community and all those who contribute to the growth of the crypto,” said Chen.
On Friday, an alleged North Korean entity drained approximately $ 1.4 billion in Bybit. The hack prompted an unprecedented wave of user withdrawal requests, the exchange by successfully treating 99% of them, effectively faced with a significant market stress test.
Part of the stolen funds started to move during Asian afternoon on Saturday with more than 5,000 ETH moved the Exch mixer – a service that masks the portfolio address – before being sent to the Pont protocol chain where the hiding place was converted into Bitcoin (BTC).
In a post X, Chainflip said that he could not block background movements because it was a fully decentralized application that relies on automated intelligent contracts, but that he had “disabled certain services Front to stop the flow “.
On the other hand, Bitget has black list portfolios attached to the pirate which drained Ether worth millions of bebit on Friday.
“We will block all the transactions flowing from illicit addresses to the exchange once it has been monitored. Our security team and researchers are currently following these activities,” said Chen.
Despite hacking, Bybit had succeeded in processing more than 350,000 withdrawal requests and has since restored normal withdrawal operations, according to a post X.
