A new report from Glassnode sheds light on the recovery of the cryptocurrency exchange Bybit following a historic hacking incident in February 2025. The study details how the exchange's effective response helped avert further ramifications for the market.
Impact Analysis of the Hack
The Glassnode study, titled 'Digital Asset Market Resilience: A Deep Dive into the Bybit-Lazarus Hack', evaluates the aftermath of the largest crypto hack in history, which resulted in a loss of $1.4 billion in February 2025. The report illustrates how Bybit's swift operational response and clear communication mitigated associated risks.
Recovery of Volumes and Liquidity
According to the report, open interest in ETH on Bybit initially declined substantially due to the attack, yet over the subsequent two months, open interest metrics stabilized, returning to long-term averages. Furthermore, BTC and SOL also experienced recovery to pre-hack levels, with BTC hitting new open interest records at $8.5 billion.
Why the Hack Didn't Trigger an Industry Collapse
Glassnode's report emphasizes that Bybit managed to prevent market spillover due to its effective operational management, transparent communication, and robust internal controls. Metrics such as the 'Internal Reshuffling Ratio' and 'Whale Withdrawal Ratio' also indicated normalization following the hack.
The Bybit incident not only showcased the resilience of the exchange but also of the broader crypto industry, fostering investor confidence and indicating signs of maturity within the digital asset market.
