The crypto market is facing challenges amidst macroeconomic uncertainties. The hack of the Bybit platform and its subsequent recovery with Mirana Ventures' involvement are significant events.
Crypto Market Challenges in 2024
In 2024, the crypto market encountered multiple hardships. Trump's election brought hope to the market, leading to a brief bull run by year's end. However, new tariffs and rejection of Bitcoin reserve bills by several US states caused instability.
Bybit Hack and Recovery
The Bybit platform was subjected to a significant hack by North Korean hackers, losing $1.5 billion in ETH. Despite the substantial losses, the exchange quickly regained its footing through OTC purchases, loans, and whale deposits. Observers are keen to see how Bybit maintains transparency and resilience under these conditions.
Role of Mirana Ventures in Bybit's Recovery
Mirana Ventures deposited $600 million in ETH into Bybit by selling $500 million in BTC and $100 million in USDT. The main platforms for acquiring the ETH were FalconX, Galaxy Digital, and Wintermute. These actions helped Bybit move towards closing its deficit, as well as bolstering efforts to recover lost funds with the help of blockchain forensic experts.
The recurring challenges in the crypto market demand quick adaptation from platforms. The variety of strategies employed to close the ETH deficit shows exchanges' commitment to restoring stability.
