Crypto Exchanges Start to Fill Bybit's $1.4B Hole as Hackers Move Stolen Funds

Bitget transferred $105 million worth of ether (40,000 ETH) from its own reserves, not user funds, to Bybit after Bybit suffered a $1.4 billion hack. Bybit successfully processed 99% of user withdrawal requests following the hack. Some of the stolen ether, over 5,000 ETH, was moved through a mixer service and converted to bitcoin. ChainFlip, the bridge protocol used in the conversion, stated it couldn't block the transfer due to its decentralized nature but disabled some services to stop further flow. Bitget has blacklisted the hacker's wallets and is monitoring related transactions. Bybit has processed over 350,000 withdrawal requests and resumed normal withdrawal operations.