- Bybit lost $1.5B in ETH-based tokens; Mirana Ventures injected $600M to stabilize holdings.
- Mirana Ventures sold $500M BTC and $100M USDT to secure funds via FalconX, Galaxy, and Wintermute.
- Bybit recovered $700M Ethereum in 48 hours, ensuring 1:1 client asset backing.
Bybit, a leading cryptocurrency exchange, recently suffered a major security breach, resulting in a loss of approximately $1.5 billion in ETH-based tokens. Mirana Ventures, a firm linked to Bybit’s co-founders, stepped in with a significant $600 million Ethereum deposit to help restore the exchange’s holdings and mitigate the financial impact of the hack.
Arkham Intelligence reported on February 26 that Mirana Ventures deposited the funds over three days, making it the largest Ethereum depositor since the incident. Mirana Ventures sold $500 million worth of Bitcoin (BTC) and $100 million worth of Tether (USDT) through FalconX, Galaxy Digital, and Wintermute OTC to secure these funds. These strategic transactions allowed Bybit to replenish its Ethereum reserves without causing major market disruptions.
ETH Acquisition Without Market Fluctuations
After the hack, Mirana Ventures played a crucial role in acquired Ethereum by liquidating assets and swiftly transferring the funds to Bybit. This move helped slow the pace of withdrawals and restored some confidence in the exchange’s liquidity. Before this, crypto exchange had secured a bridge loan to protect customer assets and ensure withdrawal requests could be met.
Investigations into the hack suggest that the North Korean hacker group Lazarus Group may be responsible. The attackers deployed advanced malware to breach Bybit’s security systems and moved stolen Ether across multiple addresses, complicating recovery efforts. Authorities and cybersecurity experts continue to track the stolen funds.
Bybit’s Response and Future Measures
Following the hack, firm immediately strengthened security and reassured users. The exchange secured a bridge loan to facilitate withdrawals and maintain customer trust. With the additional Ethereum deposits from Mirana Ventures, firm has significantly reduced its shortfall and stabilized operations.
Bybit implemented immediate measures to address security flaws and protect user funds. The exchange secured additional funding through OTC deals and institutional loans, recovering nearly $700 million worth of Ethereum within 48 hours. CEO Ben Zhou reassured users that firm has fully restored its 1:1 client asset backing, strengthening trust in its platform.
The exchange hack highlights the persistent security threats faced by cryptocurrency exchanges. However, Mirana Ventures’ swift financial intervention and proactive recovery measures ensured that the exchange remained operational. As the investigation continues, the focus shifts toward strengthening security protocols to safeguard digital assets against future cyber threats.
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