Bybit Hack: Mirana Ventures Pumps $600M ETH After $1.5B Crypto Heist

Bybit, one of the top crypto exchanges, has received a $600M Ethereum (ETH) injection from Mirana Ventures after a $1.5B security breach.

The recovery effort aims to stabilize the exchange’s reserves and regain trader confidence.

The hack which resulted in loss of ETH tokens prompted Mirana Ventures—an investment firm tied to Bybit’s co-founders—to step in. By buying and transferring Ethereum the firm played a key role in replacing lost assets.

Mirana Ventures Leads Recovery Efforts

After the hack Mirana Ventures executed a series of transactions to mitigate Bybit’s losses. The firm bought ETH by liquidating assets from major trading firms:

• $500M in Bitcoin (BTC) and $100M in Tether (USDT) converted into ETH.

• Transactions done via FalconX, Galaxy Digital and Wintermute OTC.

• ETH deposited into Bybit’s reserves to add liquidity.

This capital injection has eased withdrawal pressure and Bybit is back to normal.

Lazarus Group Suspected in Cyberattack

Investigators believe the North Korean backed Lazarus Group is behind the Bybit hack. The notorious hacking group has been tied to multiple big crypto heists, using advanced malware to breach security systems.

• Hackers transferred stolen ETH to multiple wallets to obscure fund tracing.

• Authorities and cybersecurity firms are tracking the movement of the stolen assets.

• The hack shows crypto exchanges are still vulnerable despite enhanced security.

Bybit’s Response and Future Measures

Bybit acted fast to address the security breach and protect user assets. Bybit got a bridge loan to cover withdrawal requests and regain user trust. Also:

• Bybit recovered $700M in ETH in 48 hours through OTC deals and institutional loans.

• CEO Ben Zhou told users Bybit has 1:1 client asset backing.

• Withdrawal requests have slowed down and users are back to normal.

Bybit is now reinforcing security to prevent future breaches. The quick response and external support from Mirana Ventures has been crucial in minimizing the impact of the hack and shows the exchange is resilient to cyber attacks.