Binance, Bitget transfer over 50,000 ETH to Bybit cold wallets

On-chain analyst Conor Grogan spotted the transactions, calling Bitget’s particularly shocking. “Bitget’s deposits are especially interesting; it’s a quarter of all of the exchange’s ETH!” he said. The funds were transferred directly to Bybit’s cold wallets, bypassing standard deposit addresses, meaning this was a coordinated rescue effort. Conor also pointed out that Binance wasn’t this quick to support FTX back when it collapsed in 2022, though that was a very different matter altogether.

Binance and Bitget just deposited 50k+ ETH directly into Bybit's cold wallets. Bitget's deposits are especially interesting; its 1/4 of all of the exchange's ETH! (that I can see)

Since they skipped a deposit address, these funds were coordinated directly by Bybit themselves pic.twitter.com/yimpcYpLx7

— Conor (@jconorgrogan) February 21, 2025

Meanwhile, Bybit’s CEO Ben Zhou assured users that the platform was working on a bridge loan to cover losses. “We will make users whole for any coins we can’t reclaim,” he said.

“As far as we know this could be the largest hack in the history of our industry,” Zhou added later in a live-stream update.

Zhou said there had been a rush to withdraw from the exchange but the Flow had slowed. He said the site was getting a bridge loan from its partners and it would make users whole for any coins it could not reclaim.

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