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]
Bybit was founded in 2018 by Singaporean entrepreneur Ben Zhou, who currently serves as CEO.
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]
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]
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]
