Bybit received a $600 million Ethereum (ETH) investment from Mirana Ventures to recover from its recent $1.5 billion hack. The security breach caused extensive ETH-based asset losses that led Mirana Ventures to intervene as it belonged to Bybit’s co-founders.
The data from Arkham Intelligence shows that Mirana Ventures obtained the ETH through BTC and USDT market transactions executed through FalconX, Galaxy Digital, and Wintermute OTC. Bybit strengthened its financial position through this move which resolved its liquidity problems.
Bybit took precautions by securing a bridge loan before the incident to maintain withdrawal functionality. The ETH deposits led to a decrease in withdrawal demands which demonstrated users grew more confident.
The Lazarus Group from North Korea stands as the prime suspect behind the hacking incident. Advanced malware enabled the Lazarus Group to penetrate Bybit’s security system which complicated the process of recovering stolen funds. Security teams dedicated to tracking down the stolen assets remain actively involved in their investigation.
Bybit took additional steps to enhance security protocols which will stop future attacks. The exchange conducted OTC deals and institutional loans to recover almost $700 million worth of ETH within 48 hours. CEO Ben Zhou communicated to users that Bybit has achieved full 1:1 client asset backing and has returned to regular operations.
Mirana Ventures joined forces with Bybit to help stabilize the exchange following the major hack. Users now trade with confidence because the latest ETH injection has rebuilt trust.
Also Read: Bybit’s Zhou Launches LazarusBounty to Track Crypto Criminals
