Following a significant cyberattack in February 2025, Bybit has managed to restore its Bitcoin liquidity, reaching levels close to its previous state.
The Bybit Hacker Attack Incident
On February 21, 2025, the Bybit exchange was subjected to a cyberattack that resulted in the theft of approximately 400,000 ETH, equivalent to $1.5 billion. The attack exploited a vulnerability in the multisig system, allowing malicious transactions to be approved. According to the FBI, the attack was carried out by a North Korean-backed hacker group.
Trading Processes and Market Developments
Post-incident, a significant decline in user confidence was noted, leading to over 350,000 withdrawal requests. Transaction volumes decreased, and market depth for Bitcoin diminished. However, Bitcoin liquidity began to recover, rising from 0.1% market depth immediately following the incident to about 8% in March. Bybit regained approximately 7% of its market share, renewing investor trust.
Conclusion on Liquidity Recovery
Investors still consider Bybit a secure platform, effectively managing the aftermath of the attack without incurring severe setbacks. The implemented security measures and trading strategies played a pivotal role in influencing investor decision-making. The stability in liquidity was also supported through new pricing improvement processes initiated in trading.
The overall review indicates that Bybit was able to quickly recover its liquidity following the cyberattack, strengthening user trust in the platform and improving trading conditions.
