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Bybit is a cryptocurrency exchange based in Dubai, the United Arab Emirates. The exchange claims to have more than 60 million users worldwide. ByBit was founded in 2018 by Ben Zhou, an entrepreneur from Singapore, who currently serves as CEO. 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 solvency concerns 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 in October 2021 was reversed in May 2023 when BitDAO restructured tokens, limiting redemption rights. As of November 1, 2023, the targeted assets were valued at $953 million. On February 21, 2025, Bybit announced that it had been hacked. The value of the stolen cryptocurrency, which amounted to 400,000 Ethereum, has been estimated at $1.5 billion, which would make it the largest cryptocurrency exchange hack to date. 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.
Bybit is a cryptocurrency exchange based in Dubai, the United Arab Emirates. The exchange claims to have more than 60 million users worldwide. ByBit was founded in 2018 by Ben Zhou, an entrepreneur from Singapore, who currently serves as CEO. 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 solvency concerns and withdrew nearly $500 million before withdrawals stopped. The suit claimed that Bybit used FTX assets to expedite withdrawals, blocked FTX from reclaiming ...
