The post Bybit returns 40k ETH post-hack loan from Bitget appeared on BitcoinEthereumNews.com.

Bybit has transferred nearly $100 million worth of ETH back to Bitget. Bitget loaned 40,000 ETH to Bybit immediately after the $1.4 billion hack. According to data from Arkham Intelligence, Bitget has received 40,000 Ethereum (ETH) from a Bybit cold wallet on Feb. 24, worth around $99.98 million at the time of transfer. Bitget was one of the first exchanges to come to Bybit’s rescue after the exchange lost around $1.4 billion worth of Ethereum in one of the largest crypto hacks to date. On-chain data shows that Bybit first moved the chunk of Ethereum from the exchange’s hot wallet to a cold wallet before transferring it to Bitget. In addition, Bybit also moved 47,800 ETH ($118 million) to their cold wallet before the Bitget transfer. Earlier today, Bybit was also seen making a transfer of 3,000 ETH to Binance from a hot wallet, worth $7.5 million at the time. At press time, Ethereum has gone down by nearly 9% in the past 24 hours. The second-largest cryptocurrency by market cap is currently trading hands at $2,489. In the past few days, ETH has been on a downward trend, falling by 7% in the past week and decreasing by more than 25% in the past month. Price chart for Ethereum in the past 24 hours, February 25, 2025 | Source: crypto.news Bybit’s road to recovery As previously reported by crypto.news, Bybit claimed it has fully covered the $1.4 billion loss in Ethereum tokens suffered from the hack. Bybit was able to close the gap through whale deposits, ETH purchases and loans from various exchanges, including Bitget. A day after the hack, on Feb. 22, Bybit received $172.5 million worth of Ethereum loaned from different crypto exchanges and firms to cover customer withdrawals. These loans included 40,000 ETH from Bitget, 12,652…

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Filed under: News - @ February 25, 2025 7:19 am