During a May 3 livestream, Bybit CEO Ben Zhou announced that the exchange plans to roll out trading for U.S. stocks, commodities like gold and oil, and stock indices by the end of the second quarter of 2025. Soon, Bybit users will be able to trade popular U.S. stocks like Apple, Microsoft, and MicroStrategy, alongside commodities and indices, all within Bybit’s existing system……..Continue reading….
By Rony Roy
Source: Crypto News
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Critics:
Bybit Fintech Limited, branded Bybit, is a cryptocurrency exchange based in Dubai, the United Arab Emirates. Founded in 2018 by Ben Zhou, it is the world’s second largest cryptocurrency exchange. In February 2025, the exchange was hacked resulting in the loss of $1.5 billion in assets in the largest cryptocurrency theft on record. Bybit was founded in 2018 by Ben Zhou, an entrepreneur from Singapore, who currently serves as CEO.
In 2022, Bybit relocated its headquarters from Singapore to 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 solvency concerns 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.
On February 21, 2025, Bybit announced on X that it had been hacked.[4] According to Bybit, about 400,000 Ethereum was stolen, which had an approximate notional value of $1.4 billion, making it the largest cryptocurrency exchange hack to date. The firm reported that it was able to replenish its reserves within 72 hours by securing 447,000 ether tokens in emergency funding.The liquidity was provided by firms including Galaxy Digital, FalconX and Wintermute.
The attacker exploited vulnerabilities in Bybit’s multi-signature wallet system, facilitated by compromised infrastructure at Safe wallet, a third-party provider. Blockchain analytics firms Arkham Intelligence and Elliptic claimed they were able to trace the hack to Lazarus Group, an advanced persistent threat tied to North Korea.The US Federal Bureau of Investigation also attributed the hack to North Korea, blaming “TraderTraitor actors”.
In August 2021, Bybit sponsored Ukrainian esports organization Natus Vincere (NAVI) in a three-year deal, becoming its official crypto platform partner with its logo on jerseys. Soon after, Bybit signed a similar three-year agreement with Danish esports club Astralis featuring its branding on uniforms. In November 2021, Bybit became the main sponsor of the Argentina national football team through a two-year deal with the Argentine Football Association (AFA), with its logo on training apparel ahead of the 2022 FIFA World Cup.
In early 2022, Bybit entered Formula 1 as a sponsor of the Oracle Red Bull Racing team with a multi-year partnership, reportedly worth $150 million over three years. The sponsorship ran through the 2022 to 2023 seasons and concluded at the end of 2024 by mutual agreement.
“Crypto Exchange Bybit Moves Headquarters to Dubai From Singapore”.
Cryptocurrency theft of £1.1bn could be biggest ever, says Bybit”.
Bybit Is Now the World’s Second-Largest Crypto Exchange”.
Big Day for Crypto Goes South After Bybit Hack”.
Ben Zhou: Latest Articles, Analysis and Profile”.
UAE crypto push sees Bybit, Crypto.com announce Dubai offices”.
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FTX Settles Suit Against Crypto Firm Bybit for $228 Million”.“
FTX Settles Legal Dispute with Bybit for $228 Million”.
Crypto exchange Bybit says it was hacked and lost around $1.4B”.
North Korean hackers suspected of being behind record US$1.5 billion hack of crypto exchange Bybit”.
Crypto exchange Bybit says it fully replenished reserves after record $1.5 billion hack”.
Lazarus hacked Bybit via breached Safe{Wallet} developer machine”.
The largest theft in history – following the money trail from the Bybit Hack”.
North Korea behind $1.5bn hack of crypto exchange ByBit, says FBI”.
Internet Crime Complaint Center (IC3) | North Korea Responsible for $1.5 Billion Bybit Hack”.
NAVI unveils Bybit as cryptocurrency partner”.
Astralis agrees three-year deal with cryptocurrency platform Bybit”.
Dansk storhold indgår historisk sponsoraftale”.
AFA adds Bybit brand to national team’s kit – Insider Sport”.
Red Bull sign partnership deal with cryptocurrency exchange Bybit”.
Red Bull Racing loses major sponsor Bybit”.
OSC holds global crypto asset trading platforms accountable”.
ByBit Crypto Exchange Hit With Rs. 9 Crore Fine Over PMLA Violations”.
ByBit Pays Rs. 9.27 Crore Penalty, Completes FIU-IND Registration”.
FSA publishes Weekly Review No.443″.
Japan blocks major crypto exchanges from App Store and Google Play”. TheStreet.
FSA Warns of Bybit Operating Unregistered Crypto Services in Japan”.
U.S. Crypto Traders Evade Offshore Exchange Bans”.
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