Mirana Ventures: The $600 Million Hero in Bybit’s Crypto Saga!

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In a twist worthy of a Dostoevskian drama, Bybit has received a staggering $600 million Ethereum (ETH) infusion from none other than Mirana Ventures, as it valiantly rises from the ashes of a $1.5 billion hack. Who knew crypto could be so theatrical?

Ah, the breach! Dubbed the largest crypto heist in history, it was a scene straight out of a crime novel, with unauthorized access to Bybit’s ETH cold wallet. But fear not, dear reader! The exchange, like a phoenix, is rapidly restoring confidence, thanks to some rather strategic partnerships. Talk about a comeback! 🎭

Bybit: The Resilient Phoenix of Ethereum

According to the ever-watchful blockchain analytics firm Arkham, Mirana Ventures has deposited a jaw-dropping $600 million worth of ETH into Bybit over the past three days. This makes them the largest ETH depositor since the hack. Bravo! 👏

“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 tweeted, or should we say, X-ed? 🐦

Mirana Ventures, an early-stage global investment fund, is like the fairy godmother of crypto, investing in companies that are strategically relevant to Bybit and its affiliate, BitDAO. And guess what? Bybit’s co-founders are also among the capital providers of Mirana Ventures. It’s like a family reunion, but with more money and fewer awkward conversations.

Meanwhile, in the aftermath of the hack, Bybit has shown impressive financial resilience. Within a mere 48 hours of the incident, the exchange secured 254,830 ETH. Talk about a financial gym workout! 💪

Thanks to strategic partnerships with crypto titans like Galaxy Digital, FalconX, and Wintermute, alongside support from Bitget, MEXC, and DWF Labs, Bybit is back on its feet. Last week, CEO Ben Zhou even confirmed the successful restoration of its Ethereum reserves. The exchange has also fulfilled its financial commitments, repaying Bitget’s loan by transferring 40,000 ETH back. A round of applause for fiscal responsibility! 👏

The Great ETH Heist: Hackers on the Move

As Bybit continues its recovery, the hackers, those dastardly villains, are busy moving the stolen Ethereum. According to Arkham, they’ve 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. It’s like watching a bad movie where the villains always get away! 🎬

In a shocking twist, an on-chain analyst revealed that the hackers laundered 45,900 ETH, worth about $113 million, in just 24 hours. The total laundered so far? A staggering 135,000 ETH, or roughly $335 million—nearly one-third of the total stolen. It’s like a heist movie gone wrong! 🎥

But wait, there’s more! A significant amount of stolen funds—363,900 ETH, worth around $900 million—remains in the hacker’s wallet. At this rate, it could take 8 to 10 more days for them to clean out the remaining funds. Talk about a slow getaway! 🏃‍♂️💨

Bybit isn’t just sitting idly by. In response, they’ve rolled out a new API system to track blacklisted wallets in real time. Furthermore, the CEO has introduced a bounty site dedicated to tracking the money laundering activities of the notorious North Korean hacker group, Lazarus. It’s like a game of cat and mouse, but with more stakes! 🐱🐭

“We have assigned a team to maintain and update this website; we will not stop until Lazarus or bad actors in the industry are eliminated. In the future, we will open it up to other victims of Lazarus as well,” the post read. Sounds like a plan! 🕵️‍♂️

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. It’s like a treasure hunt, but with a lot more paperwork! 🗺️

To further protect user assets, Bybit has frozen $42.89 million in stolen assets, thanks to 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. It’s a freezing frenzy! ❄️

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2025-02-26 14:19