Bybit Rebounds to Second-Largest Exchange by Volume After Record Hack
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 3d ago- Volume Recovery: Bybit rebounded to become the second-largest crypto exchange globally in 2025 with $1.5 trillion in trading volume, capturing 8.1% of the global market despite suffering a $1.5 billion hack earlier in the year, demonstrating its recovery capability.
- Hack Impact: The February attack, attributed to North Korean hackers, targeted a vulnerability in Bybit's cold wallet infrastructure, resulting in the theft of $1.5 billion in Ether, marking the largest crypto hack on record; however, Bybit regained user trust by keeping withdrawals open and quickly providing liquidity.
- Market Competition: According to CoinGecko's report, six of the top ten centralized exchanges saw a 7.6% year-on-year increase in trading volumes in 2025, with MEXC emerging as the fastest-growing exchange, surging 91% due to its zero-fee trading policy.
- Overall Industry Performance: Although Binance's trading volume slightly declined by 0.5% to $7.3 trillion, the overall crypto market showed strong performance in 2025, with several major tokens hitting all-time highs, indicating market resilience and potential growth.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
