Bybit gets 350k withdrawal requests following the hack, receives 40,000 ETH loan from Bitget

Earlier today, Bybit lost $1.5 billion in digital assets after one of its cold wallets got compromised. Following the incident, Bybit received over 350K customer withdrawal requests.

In an X post, CEO Ben Zhou mentioned that 99.99 percent of the withdrawal requests have been processed with only 2100 remaining. 

He asked the customers with completed requests to comment below his post. The CEO also added that the team has been “awake all night” to process withdrawals and answer the questions of customers.

At the same time, Bitget transferred 40,000 ETH (valued at $106 million) to Bybit as a loan to cover customer withdrawals.

Bitget(@bitgetglobal) transferred 40,000 $ETH($106M) to Bybit(@Bybit_Official) as a loan to handle customer withdrawals.https://t.co/FQPc0gSLxX pic.twitter.com/y5BigWoONf

— Lookonchain (@lookonchain) February 22, 2025

According to analysis firm Elliptic, North Korean group, Lazarus is behind this hack. The group is notorious for exploiting vulnerabilities in favor of the North Korean regime and draining millions of dollars from the crypto market. In an email to CNBC, Tom Robinson, chief scientist at Elliptic said, “We’ve labelled the thief’s addresses in our software, to help to prevent these funds from being cashed-out through any other exchanges.”

Cryptopolitan Academy: FREE Web3 Resume Cheat Sheet - Download Now