Bybit has successfully returned 40,000 ETH (nearly $100 million) to Bitget, repaying a post-hack loan that was provided immediately after the exchange lost $1.4 billion worth of Ethereum in one of the largest crypto hacks to date.
According to Arkham Intelligence data, Bybit transferred the Ethereum from its cold wallet to Bitget on February 24, signaling a major step in its recovery process.
Bybit’s Loan Repayment and Transfers
- Bitget provided Bybit with 40,000 ETH immediately after the hack to help stabilize withdrawals.
- Before repaying Bitget, Bybit also moved 47,800 ETH ($118 million) to its cold wallet, likely reinforcing its reserves.
- Additionally, Bybit transferred 3,000 ETH ($7.5 million) to Binance from a hot wallet earlier today.
At press time, Ethereum is trading at $2,489, down nearly 9% in the last 24 hours and continuing its downward trend of over 25% in the past month.
Bybit’s Road to Recovery
Bybit has fully covered the $1.4 billion loss, leveraging:
- Whale deposits
- ETH purchases
- Loans from multiple exchanges, including Bitget, Binance, and MEXC
On February 22, just a day after the hack, Bybit received $172.5 million in emergency Ethereum loans, which included:
- 40,000 ETH ($107M) from Bitget
- 12,652 staked ETH (STETH) from MEXC ($33.9M)
- 11,800 ETH from Binance
Bybit’s ability to repay its loans within days suggests that it is already recovering from the massive exploit. Bybit CEO Ben Zhou has announced that the exchange will soon publish an audited proof-of-reserves report to confirm that Bybit is 100% 1:1 on client assets.
Bybit Hacker Begins Laundering Stolen ETH
While Bybit is regaining stability, on-chain data suggests the hacker is actively laundering funds. The attacker, believed to be North Korea’s Lazarus Group, has started making two to three transactions per minute, moving ETH across multiple wallets in an attempt to obscure the trail of stolen assets.
Despite the attack, Bybit’s swift recovery and repayment of loans demonstrate resilience in the crypto industry, with support from major exchanges helping stabilize the situation. However, the hacker’s ongoing laundering activities remain a concern for the broader market.
