Bybit Fintech Limited, known as Bybit, is a Dubai based centralized cryptocurrency exchange. The platform has faced regulatory warnings in several jurisdictions.[1][2][3]
In February 2025, the exchange was hacked resulting in the loss of $1.5 billion in assets, marking the largest cryptocurrency theft on record.[4][5][6]
History
Bybit was founded in 2018 by Singaporean entrepreneur Ben Zhou, who currently serves as CEO. In 2022, the company relocated its headquarters from Singapore to Dubai, United Arab Emirates.[7][6][8]
In November 2023, the FTX bankruptcy estate sued Bybit for nearly $1 billion.[9] It alleged that Bybit's investment arm Mirana prioritized withdrawals from FTX in November 2022 amid concerns about its solvency and withdrew nearly $500 million before withdrawals stopped.[9] The suit claimed that Bybit used FTX assets to expedite withdrawals, blocked FTX from reclaiming $125 million, and devalued tokens worth tens of millions through BitDAO.[9] FTX also contended that a token swap with Alameda Research in October 2021 was reversed in May 2023, when BitDAO restructured tokens, limiting redemption rights.[9] In October 2024, Bybit settled its FTX case by paying $228 million.[10]
2025 hack
On February 21, 2025, Bybit announced on X that it had been hacked.[11] According to Bybit, about 400,000 Ethereum was stolen,[12][13] which had an approximate notional value of $1.4 billion, making it the largest cryptocurrency exchange hack to date.[11] The firm reported that it was able to replenish its reserves within 72 hours by securing 447,000 ether tokens through emergency funding efforts.[14] The liquidity was provided by firms including Galaxy Digital, FalconX and Wintermute.[14] To aid Bybit customer withdrawals, a whale or institutional entity transferred 40,000 ETH from Binance, Bitget and MEXC.[15]
The attacker exploited vulnerabilities in Bybit's multi-signature wallet system, facilitated by compromised infrastructure at Safe{Wallet}, a third-party provider.[16]
Blockchain analytics firms Arkham Intelligence and Elliptic claimed they were able to trace the hack to Lazarus Group, an advanced persistent threat tied to North Korea.[13][17] The US Federal Bureau of Investigation also attributed the hack to North Korea, blaming "TraderTraitor actors".[18][19]
Sponsorships
In August 2021, Bybit sponsored Ukrainian esports organization Natus Vincere (NAVI) in a three-year deal.[20] Soon after, Bybit signed a similar agreement with Danish esports club Astralis featuring its branding on uniforms.[21][22]
In early 2022, Bybit entered Formula 1 as a sponsor of the Oracle Red Bull Racing team with a multi-year partnership, reportedly worth $150 million over three years.[23] The sponsorship ran through the 2022 to 2023 seasons, and concluded at the end of 2024 by mutual agreement.[24]
External links
References
- No Author. North Korea’s $1.5 billion heist puts the crypto world on notice The Japan Times, 2025-03-03, retrieved 2026-03-10^
- Alexander Osipovich. U.S. Crypto Traders Evade Offshore Exchange Bans The Wall Street Journal, 2021-07-30, retrieved 2026-03-10^
- OSC holds global crypto asset trading platforms accountable www.osc.ca, 2022-06-22, retrieved 2026-03-10^
- Benjamin Taubman. Bybit Is Now the World's Second-Largest Crypto Exchange Bloomberg, 2024-06-25, retrieved 2025-03-29^
- Crypto Exchange Bybit Moves Headquarters to Dubai From Singapore Bloomberg^
- Cryptocurrency theft of £1.1bn could be biggest ever, says Bybit www.bbc.com, February 22, 2025^
- UAE crypto push sees Bybit, Crypto.com announce Dubai offices Reuters^
- Ben Zhou: Latest Articles, Analysis and Profile South China Morning Post, retrieved 2025-02-23^
- Leo Schwartz. FTX claims Bybit, one of world's largest crypto exchanges, used VIP status to pull hundreds of millions of dollars during collapse Fortune Crypto^
- Alex Wolf. FTX Settles Suit Against Crypto Firm Bybit for $228 Million Bloomberg Law, October 25, 2024^
- David Yaffe-Bellany. Big Day for Crypto Goes South After Bybit Hack The New York Times, February 22, 2025^
- Lorenzo Franceschi-Bicchierai. Crypto exchange Bybit says it was hacked and lost around $1.4B TechCrunch, 2025-02-21, retrieved 2025-03-29^
- North Korean hackers suspected of being behind record US$1.5 billion hack of crypto exchange Bybit CNA^
- MacKenzie Sigalos. Crypto exchange Bybit says it fully replenished reserves after record $1.5 billion hack CNBC, 2025-02-24, retrieved 2025-02-25^
- Edison Irabor. Why Collaboration is Vital in the Crypto Industry: The Bybit Hack and Bitget $106million Example Crypto Asset Buyer, 2025-04-18, retrieved 2026-03-16^
- Lazarus hacked Bybit via breached Safe{Wallet} developer machine BleepingComputer, retrieved 2025-03-29^
- Elliptic Research. The largest theft in history - following the money trail from the Bybit Hack Elliptic, retrieved 2025-03-29^
- Justin McCurry. North Korea behind $1.5bn hack of crypto exchange ByBit, says FBI The Guardian, February 27, 2025^
- Internet Crime Complaint Center (IC3) Federal Bureau of Investigation, retrieved 2025-03-29^
- Jonno Nicholson. NAVI unveils Bybit as cryptocurrency partner August 18, 2021^
- Tom Daniels. Astralis agrees three-year deal with cryptocurrency platform Bybit August 23, 2021^
- Frederik Gernigon. Dansk storhold indgår historisk sponsoraftale www.bt.dk, August 23, 2021^
- Red Bull Formula One Team Signs Cryptocurrency Sponsor Bloomberg News, 16 February 2022, retrieved 2025-05-17^
- Red Bull sign partnership deal with cryptocurrency exchange Bybit Reuters, February 16, 2022^