365int
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has successfully restored its liquidity to pre-hack levels just 30 days after a significant security breach in February 2025 that resulted in the loss of nearly $1.5 billion in funds. According to a report from crypto research firm Kaiko, Bitcoin’s 1% market depth on Bybit returned to approximately $13 million per day in March 2025, indicating a strong recovery in liquidity.
While Bitcoin liquidity has rebounded fully, altcoin liquidity on the exchange has been slower to recover, reaching around 80% of pre-hack levels. Kaiko attributes this lag to a risk-off market environment that has impacted altcoins more severely than Bitcoin, which is still considered a safer asset within the crypto market.
The February 21 hack exploited vulnerabilities in Bybit’s cold wallet infrastructure, leading to the theft of over $1.4 billion in digital assets, including liquid-staked Ether (stETH) and Mantle Staked ETH (mETH). Blockchain security firms have linked the attack to North Korea’s Lazarus Group, noting that the hackers funneled the stolen funds through various mixers to obscure their trail.
In response to the breach, Bybit kept withdrawals open, allowing users to access their funds during the crisis. The exchange also secured emergency funding, including a 40,000 ETH loan from Bitget, which was repaid within three days. Bybit’s CEO, Ben Zhou, assured users that the exchange remained solvent and had sufficient reserves to cover the shortfall.
Despite the severity of the hack, Bybit’s swift actions and transparent communication have helped restore user confidence and stabilize the platform’s operations.
