Following the massive $1.5 billion hack that rocked Bybit, the exchange has received a critical injection of $600 million in Ethereum (ETH) from Mirana Ventures, according to blockchain intelligence firm Arkham. The deposit aims to reinforce Bybit’s reserves and restore confidence after the largest crypto exchange exploit in history.
Mirana Ventures, which has close ties to Bybit’s co-founders, facilitated the transfer over the past three days, becoming the exchange’s largest ETH depositor post-hack. To secure the necessary assets, Mirana liquidated $500 million in Bitcoin (BTC) and $100 million in Tether (USDT) through major over-the-counter (OTC) firms, including FalconX, Galaxy Digital, and Wintermute.
The move comes at a crucial time for Bybit as it works to reassure users of its financial stability. While the exchange has already covered the shortfall through bridge loans and other capital sources, the significant ETH deposit further strengthens its position.
Details of the Security Breach
Bybit suffered one of the largest cryptocurrency exchange hacks in history on February 21, with attackers siphoning off approximately 401,000 ETH—worth $1.46 billion at the time—from the exchange’s cold wallet. Security firm Blockaid has labeled it the biggest exchange exploit ever recorded, while blockchain investigator ZachXBT identified the perpetrators as the notorious North Korea-affiliated Lazarus Group.
According to Chainalysis, the attack began with a phishing campaign targeting Bybit’s cold wallet signers. Once compromised, the attackers gained access to the exchange’s internal user interface, where they replaced a multi-signature wallet implementation contract with a malicious one. This allowed them to approve and execute unauthorized transfers without detection.
The heist escalated when the attackers intercepted a routine transfer from Bybit’s Ethereum cold wallet to a hot wallet. Instead of the assets reaching their intended destination, the hackers rerouted 401,000 ETH to multiple intermediary wallets
Bybit’s Response and Market Implications
In response to the hack, Bybit’s CEO, Ben Zhou, assured users of the platform’s solvency, stating that all client assets remain fully backed on a 1:1 basis. The exchange secured a bridge loan to cover the immediate shortfall, ensuring uninterrupted withdrawal services for its customers. The substantial deposit from Mirana Ventures has further reinforced Bybit’s financial standing, aiming to restore user confidence and stabilize operations. Withdrawal demands have also slowed, signaling a restoration of confidence in the platform. With normal operations resumed, Bybit is focused on reinforcing security measures to prevent future exploits and maintain trust within the crypto community.
Quick Facts:
- Bybit suffered a $1.4 billion ETH theft on February 21, 2025, marking the largest crypto exchange hack to date.
- Mirana Ventures deposited $600 million in ETH to Bybit, liquidating BTC and USDT holdings to fund the transfer.
- The Lazarus Group, linked to North Korea, is suspected to be behind the security breach.
