Article · Wikipedia archive · Last revised Jun 17, 2026

Bybit

Bybit Fintech Limited, known as Bybit, is a Dubai based centralized cryptocurrency exchange. The platform has faced regulatory warnings in several jurisdictions.

Last revised
Jun 17, 2026
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≈ 4 min
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Wikipedia ↗
Bybit Fintech Limited
source ↗
TypeCryptocurrency exchange
LocationDubai, United Arab Emirates
Founded2018 (2018)
Key peopleBen Zhou (CEO)
Websitebybit.com

Bybit Fintech Limited, known as Bybit, is a Dubai based centralized cryptocurrency exchange. The platform has faced regulatory warnings in several jurisdictions.123

In February 2025, the exchange was hacked resulting in the loss of $1.5 billion in assets, marking the largest cryptocurrency theft on record.4567

History

Bybit was founded in 2018 by Singaporean entrepreneur Ben Zhou, who currently serves as CEO. In 2022, the company relocated its headquarters from Singapore to Dubai, United Arab Emirates.879

In November 2023, the FTX bankruptcy estate sued Bybit for nearly $1 billion.10 It alleged that Bybit's investment arm Mirana prioritized withdrawals from FTX in November 2022 amid concerns about its solvency and withdrew nearly $500 million before withdrawals stopped.10 The suit claimed that Bybit used FTX assets to expedite withdrawals, blocked FTX from reclaiming $125 million, and devalued tokens worth tens of millions through BitDAO.10 FTX also contended that a token swap with Alameda Research in October 2021 was reversed in May 2023, when BitDAO restructured tokens, limiting redemption rights.10 In October 2024, Bybit settled its FTX case by paying $228 million.11

2025 hack

On February 21, 2025, Bybit announced on X that it had been hacked.4 According to Bybit, about 400,000 Ethereum was stolen,1213 which had an approximate notional value of $1.4 billion, making it the largest cryptocurrency exchange hack to date.4 The firm reported that it was able to replenish its reserves within 72 hours by securing 447,000 ether tokens through emergency funding efforts.14 The liquidity was provided by firms including Galaxy Digital, FalconX and Wintermute.14

The attacker exploited vulnerabilities in Bybit's multi-signature wallet system, facilitated by compromised infrastructure at Safe{Wallet}, a third-party provider.15

Blockchain analytics firms Arkham Intelligence and Elliptic claimed they were able to trace the hack to Lazarus Group, an advanced persistent threat tied to North Korea.1316 The US Federal Bureau of Investigation also attributed the hack to North Korea, blaming "TraderTraitor actors".1718

Sponsorships

In August 2021, Bybit sponsored Ukrainian esports organization Natus Vincere (NAVI) in a three-year deal.19 Soon after, Bybit signed a similar agreement with Danish esports club Astralis featuring its branding on uniforms.2021

In early 2022, Bybit entered Formula 1 as a sponsor of the Oracle Red Bull Racing team with a multi-year partnership, reportedly worth $150 million over three years.22 The sponsorship ran through the 2022 to 2023 seasons, and concluded at the end of 2024 by mutual agreement.23

The platform has faced regulatory warnings in several jurisdictions.2425262728.

Bybit EU GmbH, a subsidiary of the cryptocurrency exchange Bybit, was authorised as a crypto-asset service provider (CASP29) under the European Union's Markets in Crypto-Assets Regulation (MiCA) by the Austrian Financial Market Authority (FMA) on 28 May 2025, and operates a dedicated platform, bybit.eu, for users in the European Economic Area (EEA).3031

References

References

  1. "North Korea's $1.5 billion heist puts the crypto world on notice". The Japan Times. March 3, 2025. Retrieved March 10, 2026.
  2. Osipovich, Alexander (July 30, 2021). "U.S. Crypto Traders Evade Offshore Exchange Bans". The Wall Street Journal. Retrieved March 10, 2026.
  3. "OSC holds global crypto asset trading platforms accountable | OSC". www.osc.ca. June 22, 2022. Retrieved March 10, 2026.
  4. Yaffe-Bellany, David (February 22, 2025). "Big Day for Crypto Goes South After Bybit Hack". The New York Times.
  5. Taubman, Benjamin (June 25, 2024). "Bybit Is Now the World's Second-Largest Crypto Exchange". Bloomberg. Retrieved March 29, 2025.
  6. "Crypto Exchange Bybit Moves Headquarters to Dubai From Singapore". Bloomberg.
  7. "Cryptocurrency theft of £1.1bn could be biggest ever, says Bybit". www.bbc.com. February 22, 2025.
  8. "UAE crypto push sees Bybit, Crypto.com announce Dubai offices". Reuters.
  9. "Ben Zhou: Latest Articles, Analysis and Profile". South China Morning Post. Retrieved February 23, 2025.
  10. Schwartz, Leo. "FTX claims Bybit, one of world's largest crypto exchanges, used VIP status to pull hundreds of millions of dollars during collapse". Fortune Crypto.
  11. Wolf, Alex (October 25, 2024). "FTX Settles Suit Against Crypto Firm Bybit for $228 Million". Bloomberg Law.{{cite news}}: CS1 maint: url-status (link)
  12. Franceschi-Bicchierai, Lorenzo (February 21, 2025). "Crypto exchange Bybit says it was hacked and lost around $1.4B". TechCrunch. Retrieved March 29, 2025.
  13. "North Korean hackers suspected of being behind record US$1.5 billion hack of crypto exchange Bybit". CNA.
  14. Sigalos, MacKenzie (February 24, 2025). "Crypto exchange Bybit says it fully replenished reserves after record $1.5 billion hack". CNBC. Retrieved February 25, 2025.
  15. "Lazarus hacked Bybit via breached Safe{Wallet} developer machine". BleepingComputer. Retrieved March 29, 2025.
  16. "The largest theft in history - following the money trail from the Bybit Hack". Elliptic. Retrieved March 29, 2025.
  17. McCurry, Justin (February 27, 2025). "North Korea behind $1.5bn hack of crypto exchange ByBit, says FBI". The Guardian.
  18. "Internet Crime Complaint Center (IC3) | North Korea Responsible for $1.5 Billion Bybit Hack". Federal Bureau of Investigation. Retrieved March 29, 2025.
  19. Nicholson, Jonno (August 18, 2021). "NAVI unveils Bybit as cryptocurrency partner". Esports Insider.
  20. Daniels, Tom (August 23, 2021). "Astralis agrees three-year deal with cryptocurrency platform Bybit". Esports Insider.
  21. Gernigon, Frederik (August 23, 2021). "Dansk storhold indgår historisk sponsoraftale". www.bt.dk.
  22. "Red Bull Formula One Team Signs Cryptocurrency Sponsor". Bloomberg News. February 16, 2022. Retrieved May 17, 2025.
  23. "Red Bull sign partnership deal with cryptocurrency exchange Bybit". Reuters. February 16, 2022.
  24. "OSC holds global crypto asset trading platforms accountable".
  25. "ByBit Pays Rs. 9.27 Crore Penalty, Completes FIU-IND Registration". Gadgets 360. February 7, 2025. Retrieved March 10, 2025.
  26. Qureshi, Mehab (February 7, 2025). "Japan blocks major crypto exchanges from App Store and Google Play". TheStreet.
  27. Erazo, Felipe (May 31, 2021). "FSA Warns of Bybit Operating Unregistered Crypto Services in Japan". Finance Magnates. Archived from the original on December 3, 2024. Retrieved February 24, 2025.
  28. Osipovich, Alexander (July 30, 2021). "U.S. Crypto Traders Evade Offshore Exchange Bans". Wall Street Journal.
  29. "Markets in Crypto-Assets Regulation (MiCA)". www.esma.europa.eu. Retrieved June 5, 2026.
  30. Lehmann, Matthias; Kumpan, Christoph, eds. (2019), "Article 41 Granting of the authorisation", European Financial Services Law, Nomos Verlagsgesellschaft mbH & Co. KG, pp. 240–242, retrieved June 5, 2026
  31. Kokorin, Ilya (2025). "Regulation of Crypto-Asset Service Providers and Crypto-Asset Services". Markets in Crypto-Assets Regulation: 135–203. doi:10.5040/9781509970438.ch-007.
External links