Bybit Hack: Mirana Ventures Pump $600M ETH After $1.5B Crypto Heist

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So, here we are. Bybit, the crypto exchange that just can’t catch a break, got hit by a $1.5 billion hack. I mean, come on! Who’s running security over there, a bunch of squirrels? 🐿️ Anyway, Mirana Ventures swoops in like a superhero with a $600 million Ethereum deposit. Talk about a dramatic entrance! 🎭

Bybit Hack: $600M ETH Restored To Cover Losses

In the latest episode of “As the Crypto Turns,” Bybit gets a lifeline from Mirana Ventures. They’re like, “Hey, we’ll just drop $600 million in ETH to help you out.” It’s like giving a drowning man a life preserver made of cash. 💸 But let’s not forget, they lost $1.5 billion! That’s like losing your wallet and finding a penny in the couch cushions. Not exactly a fair trade!

According to Arkham Intelligence—because who doesn’t love a good spy name?—Mirana sold off $500 million in Bitcoin and $100 million in Tether to make this happen. They must have been sweating bullets, executing trades through FalconX, Galaxy Digital, and Wintermute OTC. I mean, who knew saving a crypto exchange could be so complicated? 🤷‍♂️

Bybit even secured a bridge loan. A bridge loan! What are they, a toll booth? “Hey, pay us to cross this financial gap!” But hey, at least withdrawals are slowing down. That’s a good sign, right? Or maybe people are just too scared to take their money out. Who knows? 🤔

Mirana Ventures Facilitates ETH Injection Post-Hack

Mirana Ventures is like the fairy godmother of Bybit, waving their magic wand and replenishing ETH reserves. They’re linked to Bybit’s co-founders, so it’s like family helping family. “Here’s some cash, don’t spend it all in one place!” 💰

They sold BTC and USDT through OTC firms, which sounds fancy, but really it’s just a bunch of people in suits making deals in dark rooms. “Hey, I’ll trade you this for that, and we’ll keep it on the down-low.” Classic! 😏

Thanks to Mirana, Bybit’s financial position is looking a bit better. They’re not out of the woods yet, but at least they’ve got a flashlight now. 🔦

Role of North Korean Lazarus Group

And then there’s the Lazarus Group. Sounds like a bad horror movie, right? Turns out, they’re the ones behind the hack. North Korean hackers, no less! They’ve been linked to a bunch of high-profile thefts. It’s like they have a side gig in crypto crime. “Hey, let’s rob a bank, but make it digital!” 💻

They used advanced malware to breach Bybit’s security. I mean, who knew hacking could be so high-tech? It’s like they’re using a sci-fi movie script as their playbook. Authorities are still trying to track down the stolen funds. Good luck with that! 🕵️‍♂️

Bybit recovered nearly $700 million worth of Ethereum in just 48 hours! It’s like they found a hidden stash in the couch cushions. CEO Ben Zhou is out there reassuring everyone that they’ve got their 1:1 client asset backing restored. “Trust us, we’re good now!” But really, can you ever be too sure? 😬

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2025-02-26 08:05