Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume and one of the most resilient platforms in the industry after surviving the largest exchange hack in crypto history. In February 2025, North Korea’s Lazarus Group drained approximately $1.4 billion in ETH from a Bybit cold wallet through a compromised Safe{Wallet} multisig transfer. Bybit replenished all client funds within 72 hours, processed over 350,000 withdrawal requests in the first 12 hours, and restored BTC market depth to $13 million per day within 30 days. No user lost a dollar. The exchange now serves over 80 million registered users across 40+ markets, up from 50 million before the hack.

The coverage here tracks what moves: trading volume and derivatives open interest as Bybit competes with Binance, OKX, and Coinbase for institutional and retail flow, token listings and delistings that shift altcoin prices within hours of announcement, leverage and liquidation events on one of the highest-leverage platforms in the market (up to 100x on select contracts), the MiCA licensing that opened 29 EEA countries to Bybit operations through its Vienna-based entity, and the ongoing security upgrades that followed the $1.4 billion breach, including over 50 infrastructure changes, 9 security audits in a single month, and the Lazarus Bounty program offering $140 million for recovered funds.

Bybit’s post-hack trajectory is the story the industry watches most closely. The exchange’s Ethereum trading volume hit a daily all-time high of $8.5 billion during the 2025 summer rally, months after the hack. Open interest recovered across Bitcoin, Ethereum, and Solana perps to pre-hack levels. The platform launched xStocks for on-chain equity trading, pioneered RWA token listings, and relaunched UK services through an FCA-regulated partnership with Archax. The World Series of Trading (WSOT) 2025 attracted over 350,000 participants, more than quadruple the 2024 edition.

Coingo covers the derivatives data, the listing moves, the regulatory milestones, and the security evolution. Bybit is the case study for what happens when the worst-case scenario hits a centralized exchange and the exchange survives. How it builds from here determines whether that survival becomes a competitive advantage or just a story the market eventually forgets.