In a recent turn of events, Bybit’s CEO, Ben Zhou, expressed gratitude towards Bitget for their crucial financial assistance during a turbulent period. Following reports indicating that both Binance and Bitget collectively transferred over 50,000 ETH into Bybit’s cold wallet, Zhou clarified through social media that the recent fund movements were purely amicable and separate from any official dealings with Binance. The crypto exchange is engaging in ongoing dialogue with multiple partners in a bid to enhance security and operational stability.
Notably, this assistance comes after a significant withdrawal spike following an Ethereum theft, causing distress in the market. Data insights from on-chain analytics firm Ember reveal that Bitget provided Bybit with a loan of 40,000 ETH, approximately equating to $105.9 million. As the situation unfolds, Bybit remains actively managing its resources while ensuring transparency and integrity in its partnerships.