Binance, Bitget transfer over 50,000 ETH to Bybit cold wallets

Binance and Bitget transferred over 50,000 ETH (Ethereum cryptocurrency) to Bybit after Bybit reported a hack resulting in the loss of 400,000 ETH, approximately $1.5 billion. Bitget's transfer represented about a quarter of its total ETH holdings. The transfers bypassed typical deposit procedures, indicating a coordinated effort to provide emergency funds. Bybit's CEO stated the platform is working to secure a loan to cover user losses and committed to fully compensating users for any unrecovered funds. He described the hack as potentially the largest in the industry's history and acknowledged a surge in user withdrawals that has since subsided.