Bitget CEO Gracy Chen has officially confirmed that the 40,000 ETH loaned to Bybit has been fully repaid.
The loan, which was extended without interest or collateral, was intended to help Bybit stabilize its operations following a massive security breach.
In a post on X, Chen emphasized that the decision to assist Bybit was based on industry solidarity and trust, stating that Bitget never doubted the repayment.
The act of cooperation highlights the resilience within the crypto industry, where major exchanges are willing to support one another in times of crisis.
Bybit Suffers Largest Crypto Hack in History, But Customer Funds Remain Safe
Dubai-based crypto exchange Bybit recently suffered the largest hack in cryptocurrency history, with attackers stealing approximately $1.44 billion worth of Ethereum.
The breach, which targeted Bybit’s internal multi-signature cold wallet system, was likely executed through compromised employee computers.
Despite the massive loss, Bybit has assured its users that customer funds were not affected, as the attack primarily drained the platform’s operational reserves.
The incident underscores the ongoing security risks in the crypto space, raising concerns about the vulnerability of even well-established exchanges.
Also Read: Entire $1.4 Billion Crypto Stolen In Bybit Hack Likely To Be Laundered Through Mixers, Report
Major Crypto Figures Move to Support Bybit’s Liquidity Recovery
In response to the crisis, several influential figures in the Chinese crypto space stepped up to help Bybit recover its liquidity.
Du Jun, the co-founder of Huobi, deposited 10,000 ETH into Bybit and committed to keeping it there for at least a month.
Similarly, the co-founders of Conflux and Mask Network also returned significant amounts of Ethereum to the exchange.
These acts of financial support played a crucial role in ensuring Bybit could maintain stability and continue normal operations, showcasing the collaborative spirit within the industry.
Bybit Fully Restores Ethereum Reserves, CEO Ben Zhou Confirms Recovery
Bybit CEO Ben Zhou has officially announced that the exchange has successfully replenished its Ethereum reserves following the attack.
The recovery was made possible through a combination of external support, strategic fund management, and Bybit’s internal risk mitigation measures.
Zhou’s confirmation signals a major step forward for the exchange, as it seeks to rebuild trust and reinforce security protocols.
While the hack serves as a stark reminder of the vulnerabilities in the crypto industry, the swift response and industry-wide cooperation have demonstrated the sector’s ability to withstand even the most significant challenges.