Bybit Recovers and Regains 7% Market Share After its Hack
- Bybit has recovered its market share to about 7% from 4% after the major hack in February, which amounted to a loss of $1.4 billion.
- Despite a significant drop in trading activities after the hack, Bybit has steadily bounced back, rebuilding trust and also stabilizing trading volumes.
Bybit has bounced back strongly after suffering a major hack in February, which resulted in a loss of about $1.4 billion. The exchange share in the crypto space has returned back to about 7%, which matches the level it held before the attack.
This recovery comes at a time when many crypto holders are becoming more cautious due to global financial uncertainty. The crypto exchange was able to achieve this level of growth and turnaround by boosting its safety measures and providing clients with better trading conditions.
In February 2024, Bybit faced a serious breach that involved one of its Ethereum cold wallets. The incident caused the platform to lose over $1.4 billion in assets, including liquid-staked Ether (stETH), Mantle Staked ETH (mETH), and many other tokens.
After the hack happened, many holders began to sell off their assets, which caused a sharp drop in market activity. Even though the hack cost the platform a lot, Bybit has slowly recovered its position in the market as a top exchange platform.
Bybits Recovery After the Hack
A report from Black Scholes, a blockchain-based research platform, has shown that Bybit has been making significant and steady progress to win back users. As of late February 2025, the Bybit market price dropped from around 11% to almost 4%.
This decline in its price shows how users reacted to the hack because in that same week the market reached its lowest point. Since then, the exchange has slowly climbed back, as it has reached a high of about 67% as of the time of writing.
source: blockscholes.com
This comeback shows solid growth and improvement in overall customer trust. As market confidence slowly returns and trading volumes on the platform stabilize, it could be said that Bybits ability to recover could be an example of how crypto exchanges can handle big challenges while still maintaining their relevance in the crypto space.
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Read more: https://www.tronweekly.com/bybit-recovers-and-regains-7-market-share-after-its-hack/
Text source: TronWeekly
