Source: Cointelegraph.com NewsBybit\u2019s market share has rebounded to pre-hack levels following a $1.4 billion exploit in February, as the crypto exchange implements tighter security and improves liquidity options for retail traders.
\nThe crypto industry was rocked by its largest hack in history on Feb. 21 when Bybit lost over $1.4 billion in liquid-staked Ether (stETH), Mantle Staked ETH (mETH) and other digital assets.
\nDespite the scale of the exploit, Bybit has steadily regained market share, according to an April 9 report by crypto analytics firm Block Scholes.
\n\u201cSince this initial decline, Bybit has steadily regained market share as it works to repair sentiment and as volumes return to the exchange,\u201d the report stated.
\nBlock Scholes said Bybit\u2019s proportional share rose from a post-hack low of 4% to about 7%, reflecting a strong and stable recovery in spot market activity and trading volumes.
\nBybit\u2019s spot volume market share as a proportion of the market share of the top 20 CEXs. Source: Block ScholesThe hack occurred amid a \u201cbroader trend of macro de-risking that began prior to the event,\u201d which signals that Bybit\u2019s initial decline in trading volume was not solely due to the exploit.
\nRelated: Can Ether recover above $3K after Bybit\u2019s massive $1.4B hack?
\nIt took the Bybit hackers 10 days to launder all the stolen Bybit funds through the decentralized crosschain protocol THORChain, Cointelegraph reported on March 4.
\nSource: Ben ZhouDespite efforts, 89% of the stolen $1.4 billion was traceable by blockchain analytics experts.
\nRelated: THORChain generates $5M in fees, $5.4B in volume since Bybit hack
\nLazarus Group\u2019s 2024 pause was repositioning for Bybit hack
\nBlockchain security firms, including Arkham Intelligence, have identified North Korea\u2019s Lazarus Group as the likely culprit behind the Bybit exploit, as the attackers have continued swapping the funds in an effort to render them untraceable.
\nIllicit activity tied to North Korean cyber actors declined after July 1, 2024, despite a surge in attacks earlier that year, according to blockchain analytics firm Chainalysis.
\nThe slowdown in crypto hacks by North Korean agents had raised significant red flags, according to Eric Jardine, Chainalysis cybercrimes research Lead.
\nNorth Korean hacking activity before and after July 1. Source: ChainalysisNorth Korea\u2019s slowdown \u201cstarted when Russia and DPRK [North Korea] met for their summit that led to a reallocation of North Korean resources, including military personnel to the war in Ukraine,\u201d Jardine told Cointelegraph during the Chainreaction show on March 26, adding:
\n\u201cSo, we speculated in the report that there might have been additional things unseen in terms of resources reallocation from the DPRK, and then you roll forward into early February, and you have the Bybit hack.\u201d<\/p>\n
https:\/\/t.co\/jOlqMt4Hag\u2014 Cointelegraph (@Cointelegraph) March 26, 2025<\/p>\n
The Bybit attack highlights that even centralized exchanges with strong security measures remain vulnerable to sophisticated cyberattacks, analysts said. Source: Cointelegraph.com NewsBybit\u2019s market share has rebounded to pre-hack levels following a $1.4 billion exploit in February, as the crypto exchange implements tighter security and improves liquidity options for retail… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126875"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126875"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126875\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126875"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nThe attack shares similarities with the $230 million WazirX hack and the $58 million Radiant Capital hack, according to Meir Dolev, co-founder and chief technical officer at Cyvers.
\nMagazine: Trump\u2019s crypto ventures raise conflict of interest, insider trading questionsRead More<\/a><\/p>","protected":false},"excerpt":{"rendered":"