Overview

Bybit Fintech Limited, known as Bybit, is a Dubai-based centralized cryptocurrency exchange and one of the world’s largest cryptocurrency exchanges by trading volume. As of 2026, it ranks as the second-largest centralized exchange by spot trading volume. The platform has faced regulatory warnings in several jurisdictions.

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

History

Bybit was founded in 2018 by Ben Zhou, who currently serves as CEO. In 2022, the company announced that it was headquartered in Dubai, United Arab Emirates.

In November 2023, the FTX bankruptcy estate sued Bybit for nearly $1 billion. 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. 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. 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.

In October 2024, Bybit settled its FTX case by paying $228 million.

2025 hack

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

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

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. The US Federal Bureau of Investigation also attributed the hack to North Korea, blaming "TraderTraitor actors".

Sponsorships

In 2021, Bybit became a global main sponsor of the Argentina national football team under an initial two-year agreement. In August 2021, Bybit sponsored Ukrainian esports organization Natus Vincere (NAVI) in a three-year deal. Soon after, Bybit signed a similar agreement with Danish esports club Astralis featuring its branding on uniforms.

In early 2022, Formula One team Red Bull Racing announced a multi-year partnership with Bybit. The sponsorship ran through the 2022 to 2023 seasons, and concluded at the end of 2024 by mutual agreement.

Legal status

In March 2021, Bybit ceased serving users in the United Kingdom (UK) in response to the Financial Conduct Authority's (FCA) ban on retail cryptocurrency derivatives, which took effect on January 6, 2021.

In May 2025, Bybit was authorised as a crypto-asset service provider under the European Union's Markets in Crypto-Assets Regulation by the Austrian Financial Market Authority.