Company:Bybit

From HandWiki

Bybit Fintech Limited, known as Bybit, is a Dubai-based centralized cryptocurrency exchange and one of the world’s largest cryptocurrency exchanges by trading volume. As of 2026, it ranks as the second-largest centralized exchange by spot trading volume. 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][7]

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.[8][7][9]

In November 2023, the FTX bankruptcy estate sued Bybit for nearly $1 billion.[10] 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.[10] 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.[10] 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.[10] In October 2024, Bybit settled its FTX case by paying $228 million.[11]

2025 hack

On February 21, 2025, Bybit announced on X that it had been hacked.[4] 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.[4] 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]

The attacker exploited vulnerabilities in Bybit's multi-signature wallet system, facilitated by compromised infrastructure at Safe{Wallet}, a third-party provider.[15]

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][16] The US Federal Bureau of Investigation also attributed the hack to North Korea, blaming "TraderTraitor actors".[17][18]

Sponsorships

In 2021, Bybit became a global main sponsor of the Argentina national football team under an initial two-year agreement. In August 2021, Bybit sponsored Ukrainian esports organization Natus Vincere (NAVI) in a three-year deal.[19] Soon after, Bybit signed a similar agreement with Danish esports club Astralis featuring its branding on uniforms.[20][21]

In early 2022, Formula One team Red Bull Racing announced a multi-year partnership with Bybit.[22] The sponsorship ran through the 2022 to 2023 seasons, and concluded at the end of 2024 by mutual agreement.[23]

The platform has faced regulatory warnings in several jurisdictions.[24][25][26][27]

In March 2021, Bybit ceased serving users in the United Kingdom (UK) in response to the Financial Conduct Authority's (FCA) ban on retail cryptocurrency derivatives, which took effect on January 6, 2021.[28]

In May 2025, Bybit was authorised as a crypto-asset service provider under the European Union's Markets in Crypto-Assets Regulation by the Austrian Financial Market Authority.[29]

As of 2026, Bybit was blocked from operating in the United States.[30]

References

  1. ↑ "North Korea’s $1.5 billion heist puts the crypto world on notice" (in en). 2025-03-03. https://www.japantimes.co.jp/news/2025/03/03/asia-pacific/crime-legal/north-korea-billion-heist-crypto/. 
  2. ↑ Osipovich, Alexander (2021-07-30). "U.S. Crypto Traders Evade Offshore Exchange Bans" (in en-US). https://www.wsj.com/finance/currencies/u-s-crypto-traders-evade-offshore-exchange-bans-11627637401. 
  3. ↑ "OSC holds global crypto asset trading platforms accountable | OSC" (in en). 2022-06-22. https://www.osc.ca/en/news-events/news/osc-holds-global-crypto-asset-trading-platforms-accountable. 
  4. ↑ 4.0 4.1 4.2 Yaffe-Bellany, David (February 22, 2025). "Big Day for Crypto Goes South After Bybit Hack". The New York Times. https://www.nytimes.com/2025/02/22/technology/crypto-exchange-bybit-hack.html. 
  5. ↑ Taubman, Benjamin (2024-06-25). "Bybit Is Now the World's Second-Largest Crypto Exchange". https://www.bloomberg.com/news/articles/2024-06-25/bybit-is-now-the-world-s-second-largest-crypto-exchange. 
  6. ↑ "Crypto Exchange Bybit Moves Headquarters to Dubai From Singapore". Bloomberg. https://www.bloomberg.com/news/articles/2022-03-29/crypto-com-bybit-announce-plans-to-set-up-operations-in-dubai. 
  7. ↑ 7.0 7.1 "Cryptocurrency theft of £1.1bn could be biggest ever, says Bybit". February 22, 2025. https://www.bbc.com/news/articles/cx2844nvwx8o. 
  8. ↑ "UAE crypto push sees Bybit, Crypto.com announce Dubai offices". https://www.reuters.com/business/finance/uae-crypto-push-sees-bybit-cryptocom-announce-dubai-offices-2022-03-28/. 
  9. ↑ "Ben Zhou: Latest Articles, Analysis and Profile" (in en). https://www.scmp.com/author/ben-zhou. 
  10. ↑ 10.0 10.1 10.2 10.3 Schwartz, Leo. "FTX claims Bybit, one of world's largest crypto exchanges, used VIP status to pull hundreds of millions of dollars during collapse". https://fortune.com/crypto/2023/11/11/ftx-bybit-bankruptcy-lawsuit-vip-crypto-exchange/. 
  11. ↑ Wolf, Alex (October 25, 2024). "FTX Settles Suit Against Crypto Firm Bybit for $228 Million". Bloomberg Law. https://news.bloomberglaw.com/bankruptcy-law/ftx-settles-suit-against-crypto-firm-bybit-for-228-million. 
  12. ↑ Franceschi-Bicchierai, Lorenzo (2025-02-21). "Crypto exchange Bybit says it was hacked and lost around $1.4B" (in en-US). https://techcrunch.com/2025/02/21/crypto-exchange-bybit-says-it-was-hacked-and-lost-around-1-4-billion/. 
  13. ↑ 13.0 13.1 "North Korean hackers suspected of being behind record US$1.5 billion hack of crypto exchange Bybit". https://www.channelnewsasia.com/east-asia/north-korean-hackers-suspected-being-behind-record-us15-billion-hack-crypto-exchange-bybit-4954531. 
  14. ↑ 14.0 14.1 Sigalos, MacKenzie (2025-02-24). "Crypto exchange Bybit says it fully replenished reserves after record $1.5 billion hack" (in en). https://www.cnbc.com/2025/02/24/bybit-replenished-reserves-after-record-breaking-1point5-billion-hack.html. 
  15. ↑ "Lazarus hacked Bybit via breached Safe{Wallet} developer machine" (in en-us). https://www.bleepingcomputer.com/news/security/lazarus-hacked-bybit-via-breached-safe-wallet-developer-machine/. 
  16. ↑ "The largest theft in history - following the money trail from the Bybit Hack" (in en). https://www.elliptic.co/blog/bybit-hack-largest-in-history. 
  17. ↑ McCurry, Justin (February 27, 2025). "North Korea behind $1.5bn hack of crypto exchange ByBit, says FBI". The Guardian. https://www.theguardian.com/world/2025/feb/27/north-korea-bybit-crypto-exchange-hack-fbi. 
  18. ↑ "Internet Crime Complaint Center (IC3) | North Korea Responsible for $1.5 Billion Bybit Hack". https://www.ic3.gov/PSA/2025/PSA250226. 
  19. ↑ Nicholson, Jonno (August 18, 2021). "NAVI unveils Bybit as cryptocurrency partner". Esports Insider. https://esportsinsider.com/2021/08/navi-bybit-partnership. 
  20. ↑ Daniels, Tom (August 23, 2021). "Astralis agrees three-year deal with cryptocurrency platform Bybit". Esports Insider. https://esportsinsider.com/2021/08/astralis-agrees-three-year-deal-with-cryptocurrency-platform-bybit. 
  21. ↑ Gernigon, Frederik (August 23, 2021). "Dansk storhold indgår historisk sponsoraftale". https://www.bt.dk/e-sport/dansk-storhold-indgar-historisk-sponsoraftale. 
  22. ↑ "Red Bull Formula One Team Signs Cryptocurrency Sponsor". Bloomberg News. 16 February 2022. https://www.bloomberg.com/news/articles/2022-02-16/red-bull-formula-one-team-signs-cryptocurrency-sponsor. 
  23. ↑ "Red Bull sign partnership deal with cryptocurrency exchange Bybit". February 16, 2022. https://www.reuters.com/lifestyle/sports/red-bull-sign-partnership-deal-with-cryptocurrency-exchange-bybit-2022-02-16/. 
  24. ↑ "OSC holds global crypto asset trading platforms accountable". https://www.osc.ca/en/news-events/news/osc-holds-global-crypto-asset-trading-platforms-accountable. 
  25. ↑ "ByBit Pays Rs. 9.27 Crore Penalty, Completes FIU-IND Registration" (in en). 2025-02-07. https://www.gadgets360.com/cryptocurrency/news/bybit-pays-rs-9-crore-penalty-india-fiu-ind-registration-7656422. 
  26. ↑ Qureshi, Mehab (February 7, 2025). "Japan blocks major crypto exchanges from App Store and Google Play". https://www.thestreet.com/crypto/policy/japan-blocks-major-crypto-exchanges-from-app-store-and-google-play. 
  27. ↑ Erazo, Felipe (May 31, 2021). "FSA Warns of Bybit Operating Unregistered Crypto Services in Japan". https://www.financemagnates.com/cryptocurrency/regulation/fsa-warns-of-bybit-operating-unregistered-crypto-services-in-japan/. 
  28. ↑ "FSA Warns of Bybit Operating Unregistered Crypto Services in Japan | Finance Magnates" (in en). 2021-05-31. https://www.financemagnates.com/cryptocurrency/regulation/fsa-warns-of-bybit-operating-unregistered-crypto-services-in-japan/. 
  29. ↑ Bailey, Michael (2025-05-30). "Granting of Authorisation Bybit EU GmbH" (in en-US). https://www.fma.gv.at/en/granting-of-authorisation-bybit-eu-gmbh/. 
  30. ↑ Osipovich, Alexander (2021-07-30). "U.S. Crypto Traders Evade Offshore Exchange Bans" (in en-US). https://www.wsj.com/finance/currencies/u-s-crypto-traders-evade-offshore-exchange-bans-11627637401. 

Template:Cryptocurrency exchanges



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