Bybit Recovers from $1.5 Billion Hack with $600 Million Ethereum Boost from Mirana Ventures
Bybit has received a $600 million Ethereum (ETH) deposit from Mirana Ventures, helping the exchange recover after a massive $1.5 billion hack.
The hack, one of the largest in crypto history, targeted Bybit’s ETH cold wallet. However, thanks to quick action and support from key partners, Bybit is regaining stability and restoring trust.
Bybit’s Strong Recovery Efforts
Blockchain analytics firm Arkham reported that Mirana Ventures deposited $600 million worth of ETH into Bybit over the past three days, making it the biggest ETH depositor since the attack.
“Mirana Ventures seems to have acquired this ETH by selling $500 million in Bitcoin and $100 million in USDT through FalconX, Galaxy Digital, and Wintermute OTC,” Arkham shared on X (formerly Twitter).
Mirana Ventures is a global investment fund that backs crypto projects connected to Bybit and its affiliate, BitDAO. Bybit’s co-founders are also among Mirana Ventures’ financial supporters.
Despite the attack, Bybit proved its financial strength by securing 254,830 ETH within 48 hours. According to a recent blog post, this was made possible through partnerships with major crypto firms, including Galaxy Digital, FalconX, and Wintermute, with additional support from Bitget, MEXC, and DWF Labs.
Last week, Bybit CEO Ben Zhou confirmed that the exchange had fully restored its Ethereum reserves. It has also honored its financial obligations, repaying Bitget’s loan with a transfer of 40,000 ETH.
Hackers Are Still Moving Stolen Ethereum
While Bybit works to recover, the hackers responsible for the attack continue to move stolen ETH. Arkham reports that at least $6.2 million worth of ETH has been bridged to Bitcoin (BTC) using Thorchain, and some ETH has been swapped for DAI on OKX’s Web3 Swap.
An on-chain analyst revealed that in just 24 hours, the hackers laundered 45,900 ETH (worth about $113 million). So far, they have laundered a total of 135,000 ETH (around $335 million), which is nearly one-third of the stolen amount.
Currently, 363,900 ETH (valued at roughly $900 million) remains in the hacker’s wallet. At this rate, experts estimate that it could take 8 to 10 more days for the hackers to move the rest of the stolen funds.
Bybit Fights Back Against Hackers
Bybit isn’t sitting idle. The exchange has launched a new API system to track and flag suspicious wallets in real time. CEO Ben Zhou has also introduced a bounty site to track stolen funds linked to the North Korean hacker group Lazarus.
“We have a dedicated team maintaining and updating this site, and we won’t stop until Lazarus and other bad actors in the industry are eliminated. In the future, we will open this platform to other victims as well,” the company stated.
This initiative will allow bounty hunters to track stolen funds, freeze them, and earn rewards—helping to bring more transparency to the crypto industry.
To further protect user assets, Bybit has already frozen $42.89 million in stolen funds with help from major crypto players. 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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