Emma Nelson 
Bybit Hack: Mirana Ventures Injects $600M ETH to Recover from $1.5B Crypto Heist. Crypto exchange Bybit has received a $600 million Ethereum (ETH) injection from Mirana Ventures following a massive $1.5 billion hack that compromised ETH-based assets. This move is part of an effort to restore Bybit’s reserves and stabilize its financial position after the security breach.
Bybit Receives $600M ETH to Offset Losses from $1.5B Hack
In the latest update on the Bybit hack, the exchange secured $600 million in ETH deposits from Mirana Ventures. This comes after Bybit suffered a major security breach, resulting in the loss of approximately $1.5 billion in ETH-based tokens.
According to Arkham Intelligence, Mirana Ventures acquired the Ethereum by liquidating $500 million in Bitcoin (BTC) and $100 million in Tether (USDT). These transactions were executed through major over-the-counter (OTC) trading platforms, including FalconX, Galaxy Digital, and Wintermute OTC.
The capital injection from Mirana Ventures has helped stabilize Bybit’s ETH reserves, which were severely impacted by the hack. To address liquidity concerns and ensure customer withdrawals, Bybit had earlier secured a bridge loan. Following the ETH deposits, withdrawal demand has decreased, signaling that Bybit’s liquidity situation is improving.
Bybit Hack
Mirana Ventures Leads ETH Restoration After Bybit Hack
Mirana Ventures, linked to Bybit’s co-founders, played a pivotal role in replenishing the lost ETH reserves. The firm facilitated the ETH injection to cover the financial shortfall caused by the security breach.
The Ethereum acquisition and transfer took place over three days, making Mirana Ventures the largest ETH depositor since the incident. To secure the funds, Mirana Ventures sold its BTC and USDT holdings through multiple OTC trading firms, ensuring minimal market disruption.
The involvement of major OTC firms like FalconX, Galaxy Digital, and Wintermute provided the liquidity needed to accumulate Ethereum and deposit it into Bybit’s reserves. This strategic move helped Bybit partially recover from the $1.5 billion loss, strengthening its financial position and stabilizing operations.
North Korean Lazarus Group Implicated in Bybit Hack
Investigations into the Bybit hack have linked the incident to the North Korean Lazarus Group, a notorious hacking syndicate known for targeting cryptocurrency exchanges and financial institutions.
The Lazarus Group allegedly used advanced malware to breach Bybit’s security, siphoning off stolen ETH to multiple addresses to complicate recovery efforts. Law enforcement agencies and cybersecurity firms are actively tracking the movement of the stolen funds as part of ongoing recovery operations.
Bybit’s Response and Security Enhancements
In response to the security breach, Bybit implemented emergency measures to secure user funds and address vulnerabilities in its system. The exchange quickly secured a bridge loan to facilitate customer withdrawals and maintain user confidence.
Following the $600 million ETH injection from Mirana Ventures, Bybit has reduced its shortfall and restored a significant portion of its lost reserves. The exchange also announced that withdrawal demands have slowed, reflecting improved user confidence and platform stability.
In a remarkable turnaround, Bybit recovered nearly $700 million worth of Ethereum within 48 hours through OTC deals and institutional loans. Bybit CEO Ben Zhou reassured users that the exchange has fully restored its 1:1 client asset backing, affirming the company’s commitment to security and transparency.
Bybit has since resumed normal operations, successfully mitigating the impact of the hack and restoring trust among its user base.
What’s Next for Bybit and the Crypto Community?
The Bybit hack serves as a stark reminder of the vulnerabilities in the cryptocurrency space. However, Mirana Ventures’ swift action and Bybit’s strategic recovery plan demonstrate the industry’s growing resilience to security challenges.
The North Korean Lazarus Group remains a significant threat, but coordinated efforts by cybersecurity firms and law enforcement agencies are intensifying to track stolen funds and prevent future attacks.
Bybit’s rapid recovery and continued operations highlight the importance of proactive security measures and strategic financial management in safeguarding user assets. As the crypto industry evolves, security infrastructure and regulatory compliance will be crucial in ensuring the long-term sustainability of digital asset exchanges.
Bybit’s comeback not only restores investor confidence but also sets a precedent for effective crisis management in the volatile world of cryptocurrency trading.
