Ethereum News: Bybit Repays $100M ETH Loan to Bitget Following Major Hack

In a significant development in the cryptocurrency world, Bybit has successfully repaid a $100 million ETH loan to Bitget, following a major hack that saw the exchange lose nearly $1.4 billion worth of Ethereum. Here`s a closer look at the story.

Bybit Repays $100M ETH Loan to Bitget Post-Hack

Bybit has transferred nearly $100 million worth of ETH back to Bitget, which loaned 40,000 ETH to Bybit immediately after the exchange lost around $1.4 billion worth of Ethereum in one of the largest crypto hacks to date. According to data from Arkham Intelligence, Bitget received the ETH from a Bybit cold wallet on Feb. 24. On-chain data shows that Bybit first moved the Ethereum from its hot wallet to a cold wallet before transferring it to Bitget.

Ethereum Faces Bearish Pressure as Retail Shorts Rise

Ethereum (ETH) has seen a shift in investor sentiment, with retail traders increasingly taking short positions. Despite bullish indicators like a MACD crossover, the rising number of short positions and decrease in long positions suggest growing bearish sentiment within the Ethereum market. The percentage of retail short positions has surpassed 30%, while long positions have dropped below 75%, further confirmed by rising Open Interest (OI).

Bybit Hacker Launders ETH in Sophisticated Pattern

The Bybit Hacker is aggressively laundering stolen Ethereum with precision, executing two to three transactions per minute, after every 45 minutes for a calculated 15-minute break. This methodical approach raises questions about the operation`s sophistication. Despite robust security, Bybit lost $1.4 billion in ETH to a sophisticated phishing attack, highlighting vulnerabilities in even top exchanges. The CEO secured emergency funds, withdrawals remain open, and investigations point to Lazarus Group, as Bybit reaffirms user fund safety.

Bybit Repays $99.98M Ethereum Loan to Bitget After Security Incident

Bybit has swiftly repaid a 40,000 Ethereum loan, valued at roughly $99.98 million, obtained from Bitget following a recent $1.4 billion security incident. Blockchain analysis platform Lookonchain reported that the repayment occurred on Feb. 24, with Bybit transferring the funds from its cold wallet back to Bitget. On Feb. 25, Bitget CEO Gracy Chen confirmed the return of the funds, emphasizing that they had confidence in Bybit’s ability to repay. According to her, the loan was extended as a gesture of support and came with no interest or collateral requirements.