The market share of Bybit recovered to a curtache level in February after a exploitation of $ 1.4 billion, for the reason that Crypto Exchange implements stricter security and improves the liquidity options for retail dealers.
The crypto industry was shaken by its biggest hack in history on February 21, when Bybit lost over $ 1.4 billion on liquid ether (Steth), Mantle Staked ETH (meth) and other digital assets.
Despite the scope of the exploit, Bitbit has steadily regained the market share. This will be won again from a report by the Crypto Analytics company Block Scholes from April ninth.
“Since this initial decline, Bitbit has steadily regained the exchange when repairing the mood and returning the volumes,” says the report.
According to Block Scholes, the proportional share of Bybit rose from a low point from 4% to about 7% after a powerful and stable recovery of the spot market activities and the industrial volume.
The market share of Bybit as a share of the market share of the TOP 20 CEX. Source: Block Scholes
The hack occurred in the course of a “broader trend of the Macro-de-risk that began before the event”, which signaled that bybits initially decline within the trade volume was not only because of the exploit.
The Bybit hackers needed 10 days to scrub all stolen Bybit funds through the decentralized Crisschain protocol -Thorchain, reported CoinTelegraph on March 4.
Source: Ben Zhou
Despite the efforts, 89% of the stolen 1.4 billion US dollars from Blockchain Analytics were comprehensible.
The break from Lazarus Group 2024 was the repositioning for Bybit -Hack
Blockchain security firms, including Arkham Intelligence, have identified the Lazarus Group North Korea because the likely guilty person behind the Bybit Exploit, for the reason that attackers continued to exchange the funds in order to not make them comprehensible.
According to the Blockchain Analytics company Chainalysis, who were connected to the North Korean cyber actors with North Korean cyber players, took back after July 1, 2024.
According to Eric Jardine, the cybercrime research manager, the slowdown of the crypto hacks by North Korean agents, raised considerable red flags.
North Korean hacking activity before and after July 1st. Source: Chainalysis
North Korea's slowdown ”began as Russia and DPRK [North Korea] met for her summit, which led to a brand new task of North Korean resources, including military personnel to the war in Ukraine, ”Jardine told CoinTelegraph throughout the Chainreacection Show on March 26 and added:
“So we speculated within the report that there can have been additional things which might be the resource expansion from the DVRK, after which roll them forward by the start of February, and so they have the bitbit hack.”
https://t.co/jolqmt4hag
– Cointelegraph (@coinelegraph) March 26, 2025
The Bybit attack shows that even central stock exchanges with strong security measures are still prone to highly developed cyber attacks, in response to analysts.
According to Meir Dolev, co-founder and Chief Technical Officer at Cyvers, the attack shares similarities with the $ 230 million Wazirx Hack and the $ 58 million Radiant Capital Hack.
