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Bybit is working to recover after suffering a significant hack that resulted in a loss of $1.4 billion. In a show of solidarity, the competitor crypto exchange Bitget transferred 40,000 Ethereum (ETH) 
$3,002, valued at $105 million, from its own reserves to support Bybit. Despite facing a massive withdrawal demand following the attack, Bybit successfully processed 99% of these transactions.
Bybit Faces Trust Challenges
Following the attack, Bybit encountered a significant trust issue. Users, in a state of panic, attempted to withdraw their funds from the exchange. The company managed to complete over 350,000 withdrawal requests, and normal operations are continuing as planned.
Hackers utilized a privacy service called eXch to launder the stolen funds. Approximately 5,000 ETH was converted into Bitcoin 
$119,760 through a bridge protocol named ChainFlip. ChainFlip, being a fully decentralized platform, stated it could not halt these transactions but attempted to slow down the process by disabling some front-end services.
Bitget and Other Exchanges Strengthen Cybersecurity
In response to the Bybit attack, Bitget blacklisted wallets associated with the hackers. The company announced it would block transactions from these suspicious wallets, with CEO Gracy Chen stating that the security team is actively monitoring these activities.
Bybit continues its efforts to rebuild trust in the cryptocurrency market following the security crisis. Security experts caution that decentralized applications might be more vulnerable to such attacks, prompting exchanges to adopt stronger cybersecurity measures.
