Bybit Gets Ethereum Loan Support Worth $239M From Bitget and Binance Amid Surge in Withdrawal Requests

Leading crypto exchange Bybit has received over 88,000 ETH from exchanges like Bitget and Binance since yesterday as withdrawal heightens. In the past 24 hours, Bybit has received crypto loans from prominent exchanges to fund withdrawal requests. Multiple sources, citing Arkham, confirmed that it has received over 88,000 ETH ($239 million) from Bitget and Binance addresses. Notably, these funds will enhance Bybit’s liquidity amid growing customer withdrawals. The exchange confirmed that users are massively moving funds from the exchange following its recent $1.46 billion hack. Exchanges Support Bybit in Turbulent Times Notably, Arkham data shows that Bitget transferred 40,000 ETH ($106 million), a quarter of all its Ethereum holdings, to the Bybit Cold Wallet on Feb. 21 at exactly 19:44 (UTC). Market intelligence firm Lookonchain suggested that the exchange shifted the funds to Bybit to provide more liquidity to support customer withdrawals. Ten minutes later, a Binance Hot Wallet transferred 11,800 ETH ($31 million) to the same Bybit Cold Wallet. Since then, the Binance wallet has sent a total of 47,800 ETH ($127.48 million) to Bybit.

Notably, crypto journalist Colin Wu noted that a part of the deposits came from the exchange MEXC. The outlet stated that the Seychelles-based trading platform transferred 12,652 ETH ($33.75 million) to Bybit. https://twitter.com/WuBlockchain/status/1893129785221714068 Meanwhile, multiple sources also confirmed that a whale or institution funded Bybit through Binance. The whale moved 11,800 ETH ($31 million) from the largest crypto exchange by trading volume to the Bybit Cold Wallet. Bybit Still Solvent: CEO Says Amid the chaos, Bybit’s CEO Ben Zhou has assured customers that the exchange is 100% solvent. In a tweet, Zhou stated that users’ funds are backed 1:1, and the exchange can cover the hack losses even if it does not recover them. https://twitter.com/benbybit/status/1892969284587966869 Hackers breached Bybit’s system yesterday and withdrew $1.46 billion worth of Ethereum, about 70% of its Ether reserve, from its cold wallet. Meanwhile, reports suggested that notorious North Korean hackers, the Lazarus Group, masterminded the Feb. 21 exploit.