After experiencing the largest hack in crypto history, the exchange Bybit managed to regain its initial market share of 7%

The phoenix Bybit rises again after the historic theft of 1.4 billion $

The exchange Bybit, which suffered the largest hack in crypto history in February 2025, has managed to quickly recover its initial market share of 7%. A remarkable feat, especially in a challenging economic context.

The phoenix Bybit rises again after the historic theft of 1.4 billion $

On February 21, 21, Bybit fell victim to a devastating cyberattack, losing over 1.4 billion dollars in crypto, primarily in liquid Ether (stETH) and Staked ETH Mantle (mETH). This colossal sum represented about 70% of the platform’s ETH reserves, as reported by the sophisticated hack that led to the disappearance of 560 million dollars.

According to a recent report from crypto analytics firm Block Scholes, Bybit has seen user trust gradually return. Its market share, which had fallen to a low of 4% following the incident, has risen to about 7%, thus returning to its pre-crisis level.

This recovery can largely be attributed to the enhanced security measures implemented by the exchange and the improvement of liquidity options for retail traders. Spot trading volumes have also resumed their usual pace on the platform.

A broader context of caution in crypto markets

Bybit’s performance is all the more impressive given that crypto investors have been generally more cautious in recent months.

According to Block Scholes, this mistrust existed even before the hack. This explains why the decline in trading volume was not solely due to the attack.

Cybersecurity experts were able to trace 89% of the 1.4 billion dollars stolen, thanks to blockchain analysis. The hackers took 10 days to attempt to launder all the funds through the decentralized cross-chain protocol THORChain.

This attack is part of a series of operations conducted by the Lazarus group, already responsible for other major hacks such as that of the Ronin network (600 million dollars) and WazirX (230 million dollars).

According to several analysts, including Arkham Intelligence, the same wallets would be involved in the Bybit hack and the Phemex hack that occurred last January.

In summary, despite these worrying revelations, Bybit has managed to implement enhanced security measures and improve its liquidity options, allowing the platform to quickly regain the trust of its users in a market nonetheless marked by heightened vigilance.