In a significant recovery effort following a massive security breach, crypto exchange Bybit has received $600 million in Ethereum (ETH) deposits from Mirana Ventures. This development comes after Bybit suffered a staggering $1.5 billion loss in ETH-based assets due to a sophisticated cyberattack.
Mirana Ventures Steps In to Stabilize Bybit
According to blockchain analytics firm Arkham Intelligence, Mirana Ventures secured the ETH by liquidating $500 million in Bitcoin (BTC) and $100 million in Tether (USDT). The transactions were facilitated through major over-the-counter (OTC) trading firms, including FalconX, Galaxy Digital, and Wintermute. This capital injection has been crucial in stabilizing Bybit’s ETH reserves, ensuring the exchange’s liquidity remains intact.
BYBIT HACK UPDATE: $600M OUT OF $1.5B ETH BOUGHT AND SENT TO BYBIT
— Arkham (@arkham) February 25, 2025
$600M of ETH has been deposited to Bybit in the past 3 days by Mirana Ventures – making them the largest ETH depositor after the hack.
Mirana Ventures appears to have acquired this ETH by selling $500M BTC and… pic.twitter.com/Cmx4oP0GG8
Bybit had previously secured a bridge loan to protect customer assets and maintain withdrawal capabilities. The recent ETH deposits have significantly reduced withdrawal pressures, reflecting renewed confidence among users in the exchange’s financial health.
Mirana Ventures’ Strategic ETH Injection
Mirana Ventures, a key player with ties to Bybit’s co-founders, executed a rapid acquisition and transfer of Ethereum over a three-day period. This move positioned the firm as the largest ETH depositor to Bybit post-hack. The funds were sourced through strategic BTC and USDT liquidations, ensuring minimal market disruption while reinforcing Bybit’s asset reserves.
Lazarus Group Suspected in Bybit Hack
Investigations indicate that the North Korean state-sponsored Lazarus Group may be behind the Bybit hack. The notorious cybercriminal group has been linked to numerous high-profile cryptocurrency heists. Hackers deployed advanced malware to breach Bybit’s security, transferring stolen ETH to multiple addresses to obscure tracking efforts. Cybersecurity experts and global authorities are closely monitoring the movement of the stolen assets.
In response to the attack, Bybit swiftly implemented enhanced security protocols and secured additional liquidity through institutional loans. CEO Ben Zhou reassured users that the exchange has fully restored its 1:1 client asset backing. Within 48 hours of the breach, Bybit successfully recovered nearly $700 million in Ethereum through OTC deals and financial restructuring.
Also Read: Bybit Repays $104M ETH Loan in Record Time After $1.4B Hack – A Bold Comeback
With normal operations resumed, Bybit has reinforced its commitment to security and transparency, ensuring robust measures to prevent future breaches. The swift financial intervention and asset recovery efforts underscore Bybit’s resilience in the face of cyber threats, reaffirming its position as a leading cryptocurrency exchange.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
