According to Theblock, Bybit co-founder and CEO Ben Zhao said that after a $1.4 billion hack, all withdrawals from customers will be processed. Instead of buying Ethereum, the company relies on partners’ bridge loans, a short-term loan to help entities transition. “In fact, we have received nearly 80% of the stolen Ether as a bridge loan to provide us with liquidity and help us solve liquidity tightening so we can get through this critical period.” Bybit confirmed that the company lost $1.4 billion after hacked the company's multi-signature cold wallet, an expert called it "the largest cryptocurrency theft ever." Previous news, 39,998 ETH was transferred from BitGet to Bybit. Coinbase director Conor Grogan tweeted that Binance and Bitget will deposit more than 50,000 ETH directly into Bybit's cold wallet, of which Bitget's deposit is 1/4 of all ETH on the exchange.