A new report by Glassnode details how cryptocurrency exchange Bybit coped with the aftermath of the largest hacking incident in history. The report highlights the exchange's swift recovery and its resilience amidst market shocks.
Crash and Recovery: The Lazarus Hack
According to the report, the hacking incident in February 2025, which resulted in losses of $1.4 billion, was the largest in crypto history. However, Bybit's quick response and effective measures helped prevent more severe outcomes and restore its metrics.
Liquidity Resilience on Bybit
The analysis of three key assets—BTC, ETH, and SOL—showed that open positions on Bybit increased and returned to previous values following the attack. The report indicates that the exchange's liquidity stabilized, and bid-ask spreads returned to normal levels.
Reframing Crises: Lessons from Bybit
The incident involving the Lazarus hack demonstrated the evolution of resilience in the cryptocurrency market. According to the authors, Bybit's transparency and swift action were key factors in preventing a widespread crisis.
The Glassnode report on Bybit's response to the hacking incident underscores the importance of rapid reaction and resilient measures as factors contributing to the stability of the crypto industry. The success of this exchange in overcoming the crisis may serve as a lesson for other market participants.
