- Mirana Ventures deposited around $600 million worth of ETH into Bybit.
- Mirana Ventures acquired this ETH by selling $500 BTC and $100 USDT.
The crypto market is facing serious challenges with uncertain macroeconomic conditions. Trump’s election brought a renewed hope into the market in 2024 and led to a short bull run by the end of the year. However, with the new tariffs and several US states rejecting Bitcoin reserve bills, the market is struggling to maintain its previous highs.
Meanwhile, Bybit lost $1.5 billion worth of Ethereum as a result of a theft by North Korean hackers. Despite the huge loss, the exchange stood back on its feet within days to ensure their relentless offering of services to traders. Closing of ETH deficit through various means is the major driver behind this recovery.
Bybit closed almost 100% of its ETH deficit within a couple of days through OTC purchases, loans, and whale deposits. Whether this solves the real problem is still a question mark. But, the exchange is making sure that it ensures transparency and resilience in these tough times.
Mirana Ventures Alone Deposited $600 Million ETH Into Bybit
Out of all the means through which Bybit acquired Ethereum, Mirana Ventures stood out as the largest ETH depositor. As per Arkham Intelligence, $600 million out of $1.5 billion ETH lost is covered by Mirana Ventures.
The firm acquired this ETH by selling $500 million BTC and $100 million USDT. FalconX, Galaxy Digital, and Wintermute are major platforms through which Mirana Ventures acquired Ethereum. In addition to covering the ETH deficit, Bybit is actively working towards retracing the funds in collaboration with the blockchain forensic team.
As per the recent Chainalysis report, the Bybit hack is connected to North Korean hackers. These hackers are also responsible for a major portion of the lost crypto funds in the last couple of years.
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