After having undergone the greatest hacking in crypto history in February 2025, the Exchange Bybit managed the feat of finding its initial market share of 7 %. A remarkable feat, especially in a difficult economic context.
The Phoenix Bybit is reborn after the historic flight of $ 1.4 billion
On February 21, 2025, Bybit was the victim of a devastating computer attack, losing more than $ 1.4 billion in crypto, mainly in liquid Ether (STETH) and ETH Mantle Staked (METH). This colossal sum represented approximately 70 % of the ETH reserves of the platform, as reported by sophisticated hacking which caused the disappearance of $ 560 million.
According to a report Recent of Block Scholes, an analysis firm specializing in crypto, Bybit has gradually reconquered the confidence of users. Its market share, which had dropped to a minimum of 4 % after the incident, rose to around 7 %, thus finding its level before-crisis.
This rise is explained in particular by the reinforced security measures implemented by the Exchange and the improvement of liquidity options for particular traders. The cash transaction volumes have also resumed their usual rhythm on the platform.
A broader context of prudence on the Crypto markets
Bybit's performance is all the more impressive as crypto investors are generally more cautious in recent months.
According to Block Scholes, this distrust already existed before hacking. This explains why the drop in the volume of transactions was not only due to the attack.
Cybersecurity experts were able to trace 89 % of the $ 1.4 billion stolen, thanks to the analysis of block chains. The pirates took 10 days to try to whiten all the funds via the Thorchain decentralized inter-chaînes protocol.
This attack is part of a series of operations carried out by the Lazarus group, already responsible for other major hacks such as that of the Ronin network ($ 600 million) and Wazirx ($ 230 million).
According to several analysts, including Arkham Intelligence, the same portfolios are involved in the Hack of Bybit and that of Phemex in January.
In short, despite these disturbing revelations, Bybit has been able to implement reinforced security measures and improve its liquidity options, allowing the platform to quickly regain the confidence of its users in a market yet marked by increased vigilance.
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