Bybit
cryptocurrency exchange
Bybit Fintech Limited, known as Bybit, is a Dubai-based centralized cryptocurrency exchange and one of the world’s largest cryptocurrency exchanges by trading volume. As of 2026, it ranks as the second-largest centralized exchange by spot trading volume. The platform has faced regulatory warnings in several jurisdictions.
In February 2025, the exchange was hacked resulting in the loss of $1.5 billion in assets, marking the largest cryptocurrency theft on record.
History
Bybit was founded in 2018 by Ben Zhou, who currently serves as CEO. In 2022, the company announced that it was headquartered in Dubai, United Arab Emirates.
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 concerns about its solvency 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 Research in October 2021 was reversed in May 2023, when BitDAO restructured tokens, limiting redemption rights. In October 2024, Bybit settled its FTX case by paying $228 million.
2025 hack
On February 21, 2025, Bybit announced on X that it had been hacked.
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