Bitget Launches ETH Wealth Management with 10-50% APR Amidst Market Activity and Rival Hack

Crypto exchange Bitget has announced the launch of a new round of ETH Wealth Management, offering annual percentage rates (APR) ranging from 10% to 50%. This move comes amidst a backdrop of significant activity in the Ethereum (ETH) market, including large transfers and a recent hack on rival exchange Bybit.

In the past 24 hours, there have been notable transactions involving ETH. MEXC's hot wallet transferred 12,652 stETH to Bybit in the last hour, while Bitget transferred 40,000 ETH as a loan to Bybit five hours ago to ease withdrawal pressure. These transactions highlight the liquidity and interoperability among major crypto exchanges.

Earlier today, news broke that the Bybit hacker had transferred 490,000 ETH to 49 addresses, with 15,000 cmETH still awaiting unstaking. The total amount stolen from Bybit was 514,723 native ETH and various derivative ETH. This incident underscores the importance of security measures in the crypto industry and the need for exchanges to protect user assets.

The launch of Bitget's new ETH Wealth Management product offers investors an attractive opportunity to earn passive income on their ETH holdings. With APRs ranging from 10% to 50%, investors can potentially generate significant returns while their assets are securely managed by the exchange. This move by Bitget demonstrates the exchange's commitment to providing innovative financial products and services to its users.