ByBit

What is Bybit?

Bybit (Bybit Fintech Limited) is a Dubai-based cryptocurrency exchange founded in March 2018 by Singaporean entrepreneur Ben Zhou, who remains its CEO . Originally established as a derivatives-first platform, it officially launched spot trading in July 2021 .

It’s widely recognized as one of the world’s largest crypto exchanges by trading volume, serving over 60–70 million users globally .

Core Offerings & Capabilities

Bybit offers a wide range of products and services:

• Spot Trading, Derivatives (including USDT and USDC perpetuals, inverse contracts, futures, options, and leveraged tokens) .

• Earn Programs — with saving, staking opportunities, and tools like Launchpad for new token listings .

• NFT Marketplace — enabling users to buy, sell, or trade NFTs .

• Web3 Integration — facilitating interaction with DeFi, dApps, and broader blockchain infrastructure .

• Advanced Trading Tools — such as demo/testnet accounts, copy trading, advanced charts, P2P options, and risk management tools .

Growth & Strategic Expansion

• Rapid growth: Surpassed $4 B daily volume in 2020, $70 B in 2021, and continued expanding user base — reaching over 40 million users by 2024 and then 70 million by 2025 .

• Transparency Initiatives: Introduced “proof-of-reserves,” publishing holdings in real-time .

• Global Licensing: Opened a European office and launched Bybit.eu in mid-2025 to align with EU’s MiCA regulations .

• High-Profile Partnerships: Sponsored sports and entertainment properties, including Oracle Red Bull Racing (Formula 1), and launched a Bybit Card in collaboration with Mastercard .

Security Incident: February 2025 Hack

In February 2025, Bybit was targeted in what became the largest crypto heist on record, with $1.5 billion in Ethereum stolen via a cyberattack on its cold wallet.

Key details:

• The attack was attributed to North Korea–linked Lazarus Group .

• Bybit activated its crisis management plan, secured loans (~$280 million) from firms like Bitget and Antalpha, and recovered its reserves within three days .

• Although the platform remained solvent, its market share dipped (from ~12% to ~8%) and the hack raised broad concerns about centralized exchange vulnerabilities.

Summary Table

Final Thoughts

Bybit is a prominent, feature-rich cryptocurrency exchange recognized for its advanced trading tools, innovation, and global reach. While its 2025 security breach highlighted the inherent risks of centralized exchanges, swift recovery and transparency measures have helped restore user confidence. The platform continues to lead with expansion efforts and regulatory alignment—especially within Europe.