Bybit Gets Ethereum Loan Support Worth $239M From Bitget and Binance Amid Surge in Withdrawal Requests

Bybit has received over 88,000 ETH, worth $239 million, in loans from other cryptocurrency exchanges like Bitget and Binance to handle a surge in withdrawal requests. Bitget transferred 40,000 ETH ($106 million) and Binance sent a total of 47,800 ETH ($127.48 million). Additionally, MEXC transferred 12,652 ETH ($33.75 million). These transfers come after a $1.46 billion hack of Bybit, which resulted in the loss of approximately 70% of its Ether reserves. Bybit's CEO has stated that the exchange remains solvent and that user funds are safe.