In a stunning turnaround, Bybit has emerged as the second-largest cryptocurrency exchange in the world by 2025, achieving a staggering trading volume of 15 trillion. This recovery is particularly noteworthy given the significant challenges the platform faced earlier in the year due to a massive hack, as the publication provides the following information:
Bybit's Historic Hack
Earlier in 2025, Bybit was the victim of the largest hack in crypto history, with North Korean hackers stealing a staggering 15 billion. Despite this unprecedented setback, the exchange took decisive action to maintain user confidence by keeping withdrawals open and honoring all user balances, a move that has been praised in the industry.
Bybit's Market Share Recovery
According to a recent report by CoinGecko, Bybit has successfully captured 81% of the global market share, a remarkable feat that highlights its unique recovery strategy. Unlike many other platforms that struggle to regain user trust after such incidents, Bybit's approach has set a new standard in the crypto space, demonstrating resilience and commitment to its users.
As Bybit continues to solidify its position in the crypto market following its remarkable recovery, discussions around its upcoming MyBank initiative highlight potential regulatory challenges. For more details, see regulatory challenges.
