Bybit has secured a $600 million Ethereum (ETH) infusion from Mirana Ventures as it recovers from the $1.5 billion hack.
The breach, which was labeled the largest crypto heist in history, saw unauthorized access to Bybit’s ETH cold wallet. However, the exchange’s rapid response, bolstered by key partnerships, is restoring confidence in its stability.
Bybit Recovers From Ethereum Hack
According to blockchain analytics firm Arkham, Mirana Ventures has deposited $600 million worth of ETH to Bybit over the past three days, making it the largest ETH depositor since the hack.
“Mirana Ventures appears to have acquired this ETH by selling $500 million BTC and $100 million USDT through FalconX, Galaxy Digital, and Wintermute OTC,” Arkham posted on X (formerly Twitter).
Mirana Ventures is an early-stage global investment fund investing in crypto companies strategically relevant to Bybit and its affiliate BitDAO. Notably, Bybit’s co-founders are also among the capital providers of Mirana Ventures.
Meanwhile, in the aftermath of the hack, Bybit demonstrated impressive financial resilience. Within 48 hours of the incident, the exchange had secured 254,830 ETH.
According to the latest blog, this was made possible by strategic partnerships with major crypto players such as Galaxy Digital, FalconX, and Wintermute, alongside support from Bitget, MEXC, and DWF Labs.
In fact, last week, Bybit CEO Ben Zhou publicly confirmed the successful restoration of its Ethereum reserves. The exchange has also fulfilled its financial commitments. According to Lookonchain data, Bybit has repaid Bitget’s loan by transferring 40,000 ETH back to the platform.
Bybit Hackers Move Stolen ETH
While Bybit continues to recover stolen funds, the hackers responsible for the breach are actively moving the stolen Ethereum. According to Arkham, the hackers have already bridged at least $6.2 million worth of stolen ETH to Bitcoin (BTC) using Thorchain and swapped ETH for DAI on OKX’s Web3 Swap.
An on-chain analyst also revealed that the hackers laundered 45,900 ETH, worth about $113 million, over the past 24 hours. Thus, the total amount laundered so far now stands at 135,000 ETH, or roughly $335 million—nearly one-third of the total stolen.
A significant amount of stolen funds—363,900 ETH, worth around $900 million—remains in the hacker’s wallet. At the current rate, the analyst suggests it could take 8 to 10 more days for the hackers to clean out the remaining funds.
Bybit isn’t standing still. In response, Bybit has rolled out a new API system to help track blacklisted wallets in real time. Furthermore, the CEO has introduced a bounty site dedicated to tracking the money laundering activities of the North Korean hacker group Lazarus.
“We have assigned a team to dedicate to maintain and update this website, we will not stop until Lazarus or bad actors in the industry is eliminated. In the future we will open it up to other victims of Lazarus as well,” the post read.
This new platform will allow bounty hunters to trace stolen funds and earn rewards for successful freezes, all while fostering greater transparency within the crypto industry.
To further protect user assets, Bybit has also frozen $42.89 million in stolen assets. This was achieved through coordinated efforts with crypto giants like Tether, CoinEX, and OKX.
Tether froze 181,000 USDT, CoinEX secured 847,000 USDT, and OKX froze 2,783 ETH. Other partners, including FixedFloat, ChangeNow, and Avalanche (AVAX), also froze additional assets.
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