On February 22nd, Coinbase director Conor Grogan tweeted that Binance and Bitget deposited 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. Since the deposit address is skipped, these funds are coordinated by Bybit itself. In this regard, Bybit CEO Ben Zhou said: Thanks to Bitget for reaching out at this moment, Binance and several other partners are communicating that this funding has nothing to do with Binance officials.