Crypto exchange Bybit has successfully replenished its reserves with $600 million worth of Ethereum (ETH) following a massive $1.5 billion hack. The deposits were facilitated by Mirana Ventures, a firm associated with Bybit’s co-founders, who took immediate steps to recover ETH-based assets lost in the breach.
The hack, which led to a significant security vulnerability, resulted in the loss of ETH and other tokens. Mirana Ventures played a crucial role in helping Bybit recover from the setback by acquiring Ethereum through the liquidation of $500 million in Bitcoin (BTC) and $100 million in Tether (USDT). These transactions were executed via over-the-counter (OTC) firms FalconX, Galaxy Digital, and Wintermute.
Bybit had already secured a bridge loan to protect customer assets and manage liquidity during the crisis. With the injection of ETH from Mirana Ventures, the exchange has seen a reduction in withdrawal demand, signaling a stabilization of its financial position.
The Ethereum replenishment occurred over three days, making Mirana Ventures the largest ETH depositor following the hack. The firm sourced the necessary funds by selling Bitcoin and Tether via OTC channels, which ensured the transaction did not cause major market disruptions.
In addition to the ETH deposits, Bybit continues to investigate the hack, with cybersecurity experts pointing to North Korea’s Lazarus Group as the potential perpetrators. The group has been linked to numerous high-profile crypto thefts, and their use of advanced malware made the recovery process more challenging. Despite these hurdles, Bybit has assured users that its client assets are now fully restored, and operations have resumed normally.
Following the hack, Bybit has focused on fortifying its security measures to prevent future breaches, bolstering its defenses to reassure users and protect their funds.
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