Bybit restores market share after the largest hack in history

Bybit closed 2025 with a confident recovery despite suffering the largest exchange hack in crypto history, when attackers stole $1.5 billion in ETH from its cold wallets in February. According to analysts, the exchange finished the year as the second-largest platform by annual trading volume, demonstrating what they described as a “slow but steady return to market strength.”

Over the year, Bybit’s total trading volume reached $1.5 trillion, and its market share rose to 8.1%. Analysts attribute the rebound to the exchange’s ability to maintain operations and preserve user trust. During the crisis, Bybit kept withdrawals open, processed all transactions, and publicly confirmed it had sufficient liquidity to cover losses. CEO Ben Zhou communicated directly with users, explaining that the exchange secured external support and remained fully funded for normal operations.

The hack was carried out by North Korean threat actors who exploited a vulnerability in the cold-storage infrastructure. The incident is considered the largest theft of crypto assets from a centralized exchange to date.

Despite the damage, Bybit became one of the few platforms to recover activity. According to Immunefi, roughly 80% of crypto projects never return to previous volume levels after a breach due to trust erosion and operational strain; Bybit emerged as a notable exception.

The centralized exchange market also showed signs of recovery: six of the ten largest platforms increased trading volume in 2025, and total activity grew 7.6%, adding roughly $1.3 trillion in new trades. MEXC posted the fastest expansion, with volume up 91% to $1.5 trillion, driven by an aggressive fee strategy.

Binance maintained its dominant position with $7.3 trillion in annual volume, though the figure slipped 0.5% following the massive October 10 liquidation event that cooled market activity.

Despite a late-year downturn, 2025 set records for crypto prices, with bitcoin and several altcoins reaching new all-time highs and boosting trading across major exchanges.

Bybit’s recovery cements its place among the industry’s leading platforms and shows that transparent communication and timely liquidity support can preserve trader confidence even after a severe security breach.