Yesterday, Bybit lost $1.5 billion worth of ETH to a shocking hack. North Korea’s Lazarus Group is reportedly behind this hack. Now, in a significant development, Bybit has recently received large amounts of ETH from different exchanges likely in solidarity loan. MEXC moved 12,652 stETH ($33.75 million) from its hot wallet to Bybit’s cold wallet on February 22. It is a sign that Bybit is processing considerable crypto activity.

Bybit Secures $170M Loan Support from Bitget and MEXC

Furthermore, Bitget and MEXC lent Bybit 64,452 ETH ($170 million) as loan support. Previously, Bitget removed the funds from Binance. It has since then become instrumental for asset transfer to Bybit.

In addition, about 11,800 ETH (worth $31,300,000) was transferred from Binance to Bybit by a whale or an institution. The transfer might have been intended to assist Bybit in dealing with customer withdrawals. Therefore, Bybit has received a massive backing given to it by various sources.

Besides that, over 50,000 ETH was deposited into Bybit’s cold wallets by both Binance and Bitget. Bitget’s deposit is notably one fourth of Bybit’s total ETH holdings. But the transfer occurred not through the usual deposit address. Such a transaction can only mean that Bybit coordinated the order itself.

The Robbed Exchange May Be Collecting Liquidity to Support Its Users

The question is why so many funds are moving to Bybit. The first answer might be that Bybit is collecting liquidity in order to assist its users and meat withdrawal orders after recent reported hack. The second reason could be internal fund adjustments between exchanges.

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In addition, these movements reinforce the close ties between the big crypto platforms and their finances. Large transactions with Bybit are taking place by Binance, Bitget and MEXC. It could signal that money is being directed or risk handled.

However, these transactions may also reflect changing market condition. Other exchanges seem to be helping Bybit to strengthen its financial position. But it is not clear whether these transfers are a part of a long term strategy or a short term adjustment.

Finally, it is concluded that Bybit has received massive crypto transfers from many sources. The movements certainly imply vast financial hustle amongst the most important trading platforms. Regardless, these transactions will have an impact on the crypto market.