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Bybit hack: crypto exchange Bybit has received $600 million in Ethereum (ETH) deposits from Mirana Ventures following a $1.5 billion hack. The exchange had previously suffered a major security breach, resulting in a loss of ETH-based tokens. Mirana Ventures, linked to Bybit’s co-founders, took action by acquiring and transferring Ethereum.
Bybit Hack: $600M ETH Restored To Cover Losses
In the latest Bybit hack update, the top crypto exchange has received $600 million in ETH deposits from Mirana Ventures. This development follows a major security breach in which Bybit lost approximately $1.5 billion in ETH-based assets. The deposits aim to mitigate the financial impact of the hack and restore the exchange’s holdings.
According to Arkham Intelligence, Mirana Ventures acquired this ETH by liquidating $500 million in Bitcoin (BTC ($88,128.08)) and $100 million in Tether (USDT ($1.00)). These transactions were executed through FalconX, Galaxy Digital, and Wintermute OTC. The capital injection has helped stabilize Bybit’s ETH reserves after the significant loss.
Bybit had previously secured a bridge loan to ensure customer asset protection and enable withdrawals. Following the deposits from Mirana Ventures, the pace of withdrawals has slowed, indicating that the exchange’s liquidity concerns are being addressed.
Mirana Ventures Facilitates ETH Injection Post-Hack
Mirana Ventures played a key role in replenishing Bybit’s lost ETH reserves. The firm, whose anchor capital providers include Bybit’s co-founders, executed the transactions to help cover the shortfall caused by the hack. The Ethereum acquisition and transfer occurred over three days, making Mirana Ventures the largest ETH depositor since the incident.
The funds were sourced by selling BTC and USDT holdings through multiple over-the-counter (OTC) trading firms. These transactions allowed Mirana Ventures to accumulate Ethereum and deposit it into Bybit’s reserves. The involvement of major OTC firms ensured that the asset transfer was executed without significant market disruption.
The deposits from Mirana Ventures have strengthened Bybit’s financial position following the hack. While the exchange has yet to recover from the $1.5 billion loss fully, the Ethereum injection has helped stabilize operations.
Role of North Korean Lazarus Group
Investigations into the Bybit hack have pointed to the North Korean hacker group Lazarus Group as the perpetrators. The group has been linked to multiple high-profile cryptocurrency thefts and is known for targeting exchanges and financial institutions.
Hackers targeted Bybit with advanced malware, breaching its security and moving stolen ETH to multiple addresses, complicating recovery efforts. Authorities and cybersecurity firms continue to monitor the movement of the stolen funds.
Bybit’s Response and Future Measures
Following the hack, Bybit implemented immediate measures to address security vulnerabilities and secure user funds. The exchange secured a bridge loan to facilitate withdrawals and maintain customer trust.
With the recent ETH deposits from Mirana Ventures, Bybit has managed to reduce its shortfall, restoring part of its lost reserves. The exchange has also reassured users that withdrawal demands have slowed, indicating improved confidence in its stability.
Moreso, after the Bybit hack, the top crypto exchange recovered nearly $700 million worth of Ethereum within 48 hours through OTC deals and institutional loans. Bybit CEO Ben Zhou assured users that the exchange has fully restored its 1:1 client asset backing, reaffirming confidence in its security measures. The platform has now resumed normal operations, mitigating the impact of the security breach.
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