In the latest Bybit hack update, the popular crypto exchange received $600 million in ETH from Mirana Ventures after losing $1.5 billion in ETH-based assets. These investments aim to recover the losses and bring back the lost ETH assets.

Mirana Ventures obtained this ETH by selling $500 million in Bitcoin (BTC) and $100 million in Tether (USDT). Following the investments, withdrawal requests increased, and liquidity issues were resolved.

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Mirana Ventures’ ETH Investment Provides Support After the Hack

Mirana Ventures played a key role in replenishing Bybit’s lost ETH reserves. The ETH was purchased through various OTC firms and transferred to Bybit. Mirana Ventures became Bybit‘s largest investor after investing ETH over three days.

The hack is believed to have been carried out by the North Korean hacker group Lazarus Group. The attackers used advanced malware to breach Bybit‘s security and moved ETH to multiple addresses. Authorities are continuing to track the movement of the stolen funds.

Bybit’s Response and Future Measures

Bybit took swift action to close security gaps and protect user funds. Thanks to the investments from Mirana Ventures, the exchange stabilized its ETH reserves. Withdrawal requests decreased, and operations have returned to normal.

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