Bybit Receives $600 Million ETH Boost from Mirana Ventures After $1.5 Billion Hack
Following what has been branded as the biggest crypto heist in history, Bybit has been injected with a $600 million Ethereum (ETH) infusion from Mirana Ventures, aiding the exchange in its recovery efforts.
The unauthorized breach that targeted Bybit's ETH cold wallet shook the crypto world, but the exchange's swift response, coupled with strong partnerships, is swiftly restoring trust in its stability.
As per insights from blockchain analytics firm Arkham, Mirana Ventures has poured $600 million worth of ETH into Bybit in a mere three days, emerging as the leading ETH depositor post-hack.
Notably, Mirana Ventures sourced this ETH by liquidating $500 million in BTC and $100 million in USDT through FalconX, Galaxy Digital, and Wintermute OTC services, an update confirmed by Arkham on X (formerly known as Twitter).
Mirana Ventures, a venture capital fund prioritizing investments in crypto firms strategically connected to Bybit and its affiliate BitDAO, also boasts Bybit's own co-founders among its backers.
Moreover, Bybit's financial resilience post-hack has been commendable. Within just 48 hours of the breach, the exchange managed to safeguard 254,830 ETH.
Strategic alliances with major crypto entities such as Galaxy Digital, FalconX, and Wintermute, in addition to support from Bitget, MEXC, and DWF Labs, have underpinned this rapid turnaround.
In a recent blog update, Bybit CEO Ben Zhou publicly affirmed the successful replenishment of the exchange's Ethereum reserves, along with fulfilling financial obligations. Notably, Bybit repaid Bitget's loan by transferring back 40,000 ETH to the platform, states Lookonchain data.
Although the hackers behind the breach continue to move the pilfered funds, Bybit remains resolute in its recovery mission. The perpetrators have shifted a portion of the stolen Ethereum, with significant amounts swapped for Bitcoin (BTC) via Thorchain and DAI on OKX's Web3 Swap.
Recent on-chain analyses reveal that around 45,900 ETH, equivalent to approximately $113 million, has been laundered in the past 24 hours. Consequently, nearly $335 million, one-third of the total sum taken, has been effectively laundered so far.
A considerable balance of 363,900 ETH, valued at about $900 million, still resides within the hackers' wallet. Expectations suggest it may take 8 to 10 days before the remaining funds are fully dissipated at the current pace.
In response to ongoing threats, Bybit has launched an innovative API system to monitor blacklisted wallets in real-time. Moreover, the CEO unveiled a dedicated bounty site aimed at tracking the money laundering activities linked to the notorious North Korean hacker group, Lazarus.
This platform allows bounty hunters to trace illicit funds and earn rewards for successful freezes, promoting a more transparent crypto landscape. Bybit has also frozen $42.89 million in stolen assets, with collaborative efforts involving industry heavyweights like Tether, CoinEX, and OKX.
In a bid to fortify user assets, Tether, CoinEX, OKX, and other partners have frozen substantial amounts of assets to deter illicit transactions. The industry-wide cooperation signals a united front against malicious actors, ensuring enhanced security measures for all stakeholders.