Bybit
Bybit Fintech Limited, known as Bybit, is a Dubai based cryptocurrency exchange.
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 Singaporean entrepreneur Ben Zhou, who currently serves as CEO. In 2022, the company relocated its headquarters from Singapore to 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, 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 August 2021, Bybit sponsored Ukrainian esports organization Natus Vincere in a three-year deal. Soon after, Bybit signed a similar three-year agreement with Danish esports club Astralis featuring its branding on uniforms.In November 2021, Bybit became the main sponsor of the Argentina national football team through a two-year deal with the Argentine Football Association.
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. The sponsorship ran through the 2022 to 2023 seasons and concluded at the end of 2024 by mutual agreement.