Two Chinese Altcoins Reveal They Helped Bybit, Developers Say

Following the massive hack of Bybit that resulted in the loss of $1.5 billion worth of ETH, several Chinese crypto leaders have stepped in to support the exchange by depositing Ethereum (ETH) to increase its liquidity. In an effort to stabilize Bybit, Huobi co-founder Du Jun deposited 10,000 ETH into the exchange and committed to keeping the funds there for at least a month. Additionally, the co-founders of Conflux (CFX) and Mask Network (MASK) also confirmed that they transferred ETH back to Bybit. Bybit CEO Ben Zhou expressed his gratitude for the help they received from major industry players at a critical time following the hack. Companies that provided support include Antalpha, Bitget, Pionex, MEXC, Mirana, Sosovalue, Solana Foundation, TON Foundation, Blockchain Center Dubai, Ghaf Capital, Bitvavo, Tether, and Galaxy. Related News: Things Started to Get Interesting in the Bybit Hack Incident: North Korean Hackers Launch Memecoin Despite the staggering loss, Bitget CEO Gracy gave the market a sigh of relief by stating that the amount stolen was equivalent to Bybit’s annual profit of $1.5 billion, and that customer funds remained 100% safe. He also noted that the assets lent to Bybit were Bitget’s own funds, not user assets. Bybit hackers are actively laundering funds using multiple addresses to exchange 37,900 ETH ($106 million) for BTC and other assets via Chainflip, THORChain, LiFi, DLN, and eXch. Currently, the address under the control of the hackers holds 461,491 ETH ($1.29 billion), while the total amount of ETH stolen from Bybit is 499,395 ETH ($1.4 billion). *This is not investment advice. Continue Reading: Two Chinese Altcoins Reveal They Helped Bybit, Developers Say