Key takeout
- Binance and Biteg have forwarded over 50,000 ETH to support BYBIT after major security breaches.
- The hacks attributed to the Lazarus group led to the theft of 401,346 ETH from Bibit.
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Binance and Bitet have moved more than 50,000 ETHs to Bibit's cold wallets today following a security breaches that resulted in the theft of 401,346 ETHs ($1.46 billion) from the exchange.
Binance and Bitget deposited 50K+ ETH directly into a bibit cold wallet. Bitet's deposits are particularly interesting. 1/4 of all ETH replacements! (What I can see)
They skipped the deposit address, so these funds were adjusted directly by the Bibit itself pic.twitter.com/yimpcyplx7
– Connor (@jconorgrogan) February 21, 2025
Direct deposits bypass standard deposits and suggest coordinated efforts between exchanges to support bibit during the crisis.
Bitget's 39,999 ETH contribution represents about half of its excess ETH reserves, according to the latest disclosure of Bitget's latest reservations as of January 9th.
Bibit CEO Ben Zhou has confirmed that hackers have breached one of the exchange's Ethereum cold wallets through a massive transaction operated by them.
Zhou has assuranced users that Bybit remains a solvent and is seeking bridge loans from their partners to cover the losses.
Blockchain investigator Zachxbt has hacked to Lazarus Group, a North Korean province-sponsored cybercriminal organization linked to the $625 million Axie Infinity Ronin Network Exploit in 2022.
Destroy: Bybit $1 billion hackbounty resolved by Zachxbt
Today's 19:09 UTC, @zachxbt We have provided conclusive evidence that the attack on this Bybit was carried out by the Lazarus Group.
His submission includes a detailed analysis of the test transaction and a detailed analysis of the connected wallet used earlier… https://t.co/o43qd2cm2u pic.twitter.com/jtqptxl0c5
– Arkham (@arkham) February 21, 2025
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