Bybit CEO Thanks Bitget for $105M ETH Loan Amid Withdrawal Crisis

Bybit CEO Ben Zhou recently took to social media to thank Bitget for their financial support during a challenging period for the crypto exchange. Following reports of significant Ethereum (ETH) transfers into Bybit's cold wallet, Zhou clarified that the transactions were purely friendly and unrelated to any official dealings with Binance. The crypto exchange is actively engaged in discussions with multiple partners to enhance security and operational stability.

This assistance comes on the heels of a substantial spike in withdrawals following an Ethereum theft, which caused market distress. On-chain analytics firm Ember revealed that Bitget provided Bybit with a loan of 40,000 ETH, approximately equivalent to $105.9 million. As the situation continues to unfold, Bybit remains committed to managing its resources transparently and maintaining integrity in its partnerships.