bybit

Bybit CEO Ben Zhou recently stated in an interview with Wu Shuo that Bybit has covered the losses caused by previous attacks from North Korean hackers through operational income such as transaction fees by the end of last year. He believes that there will still be trading platforms that encounter hacker attacks in the future, and the security system should be designed with the premise of "assuming it will definitely be hacked."Regarding competition, Ben Zhou believes that the golden period for the expansion of global trading platforms has passed, and the industry will further consolidate. Regional trading platforms with licenses and local operational capabilities still have opportunities. He revealed that Bybit's profits have declined year-on-year this year, and traditional asset trading businesses such as stocks are currently not enough to offset the impact brought by the cryptocurrency business.In terms of the U.S. market, he stated that Bybit is still waiting for the right opportunity to enter and is more inclined to cooperate with local institutions that have a retail user base. The core strategy for the next year will focus on regional development and deep localization. He also discussed the differences between the Bitget security incident and the Bybit theft incident, as well as the data security challenges brought by the large-scale application of AI within the platform.

Bybit co-founder and CEO Ben Zhou stated in the keynote speech "Make Your Move" that Bybit is collaborating with Mantle to develop a tokenized stock product called mStocks, which is set to launch next month. According to him, mStocks will be backed 1:1 by real stocks, and users will be able to convert between real stocks and mStocks on the Bybit platform around the clock, with DEX trading supported on Mantle through AMM liquidity pools.The converted mStocks can enter the Bybit Unified Trading Account (UTA) as collateral for other trades, although the specific collateral conversion ratio has not been disclosed. Ben Zhou also mentioned that the recently launched Bybit Stocks has supported over 1,000 U.S. market stocks and assets, with stocks being custodied by partners, and there are plans to support stock lending and transfers from other brokerages in the future.

Bybit announced the launch of stock trading, allowing users to directly trade U.S. stocks and ETFs on the platform. Bybit stated that it has over 80 million global users, and this service is supported by the brokerage infrastructure provider Alpaca.Eligible Bybit users can invest in over 1,000 U.S.-listed stocks and ETFs, with some eligible securities supporting fractional shares, and various trading strategies can be used in both traditional markets and digital asset markets. Trading covers U.S. pre-market, regular, and after-hours sessions, available 5 days a week, 24 hours a day.

"On-Chain Detective" ZachXBT stated that he once disguised himself as a client to infiltrate a criminal gang suspected of laundering money for the North Korean-backed hacker organization Lazarus Group, and assisted in freezing funds related to the 2025 Bybit attack incident.ZachXBT indicated that after Bybit was attacked for $1.5 billion in February 2025, he discovered over 15 accounts seeking help with transactions related to the stolen funds in public Telegram and Discord groups. He then contacted a Telegram user using the alias "Jimmy Green" and built trust through multiple transactions.According to his disclosure, on March 6, 2025, he transferred $3.497 million USDC to an Ethereum address for exchanging USDC with TRON chain USDT. The Gas funds for that address trace back to the Bybit attack funds and have been publicly marked as a Bybit attack blacklist address.ZachXBT stated that in subsequent communications, the other party revealed that their team had participated in handling the stolen funds from Bybit and disclosed in advance that the funds would be transferred on chains such as Solana. By matching transaction times, amounts, and on-chain data, he discovered a wallet cluster involving over $12 million of Bybit attack funds, with funding paths including BTC→ETH→SOL→TRON and others, among which approximately 442,000 USDT had been frozen by Tether. The gang also attempted to launder money through Uniswap liquidity pools and low liquidity tokens.In addition, the other party revealed that they had helped other clients handle approximately $3 million in scam proceeds, and ZachXBT tracked the related funds flowing to sanctioned Huione Guarantee-related wallets.ZachXBT disclosed that during this investigation, he initially invested $3.497 million and bore about 5% loss risk for each transaction. The intelligence obtained was promptly provided to relevant investigative agencies and law enforcement. Since 2022, he has assisted in freezing over $75 million related to North Korea-related incidents.

According to Onchain Lens monitoring, a Gnosis Safe wallet associated with the synthetic dollar protocol Ethena withdrew 62.58 million ENA from the cryptocurrency exchange Bybit approximately 37 minutes ago, worth about 14.86 million USD.The account also noted that in the past 9 hours, the aforementioned wallet has cumulatively withdrawn 117.58 million ENA from Bybit, valued at approximately 27.96 million USD based on the price at that time.

Bybit CEO Ben Zhou stated in an interview with Turkish media Fintechtime that, reflecting on the 2025 Bybit attack incident, one of the issues was the use of third-party service providers and the excessive concentration of assets within that third-party related system.Zhou mentioned that since then, Bybit has comprehensively adjusted its security policies, shifting to a zero-trust model, while decentralizing wallets across different architectures and strengthening the isolation of local and global operations to reduce the risk of a single attack impacting a large amount of assets. He also stated that Bybit hopes to develop its Turkish operations into a super application covering crypto trading, payments, global transfers, and more investment products in the future.

According to CoinDesk, Franklin Templeton has expanded its "Over-the-Counter Collateral Program" to Bybit, allowing users of the exchange to use their tokenized money market fund shares for cryptocurrency trading. Users can use the shares as collateral to borrow stablecoins USDT or USDC, while the underlying assets continue to generate returns. The relevant shares represent approximately $686 million in net assets.The underlying assets will not be transferred to Bybit but will be held off-chain by the regulated custody platform ByCustody, with their value mirrored in the Bybit trading environment, thereby generating returns while releasing trading liquidity. The shares are issued through the Benji technology platform, which is Franklin Templeton's proprietary blockchain-integrated record-keeping and transfer agency infrastructure, currently paying an annualized return of 3.7% based on the latest 7-day interest rate.This is not Franklin Templeton's first foray into over-the-counter collateral partnerships, as it has previously offered tokenized money market funds to Binance and OKX clients. Sandy Kaul, Head of Digital Assets and Innovation at Franklin Templeton, stated that investors can now use collateral more efficiently across major exchanges and earn returns from it, which is crucial for ecosystem growth. This expansion also reflects industry trends, with platforms like Crypto.com and Deribit allowing qualified users to use BlackRock's BUIDL fund as trading collateral.

According to on-chain analysts, the address casualpig.eth has once again accumulated Ethereum (ETH) after a year. This address withdrew 1,754 Ethereum from the cryptocurrency exchange Bybit a few hours ago, worth approximately 4.65 million dollars.The last Ethereum transaction record for this address was between August and October 2025, when it bought at a high of about 4,751.74 dollars and recharged back to the exchange when it dropped to 4,433.1 dollars, expecting a final loss of about 449,000 dollars.

According to on-chain analyst Onchain Lens (@OnchainLens), the address 0xc745...1464 deposited 177,500 HYPE to OKX and Bybit 1 hour ago, worth approximately 16.08 million USD, suspected to be preparing for sale.Two days ago, the same address transferred 89,050 HYPE to Binance, Kraken, OKX, and Gate, worth approximately 8.21 million USD. The two transactions combined transferred a total of 266,600 HYPE, with a total value of approximately 24.29 million USD.

According to on-chain analyst Yu Jin's monitoring, over 90% of the funds exchanged across chains through THORChain are from illicit sources. Yu Jin stated that most of the stolen funds from Bybit last year were transferred via THORChain, which collected nearly 10 million dollars in fees within 10 days; recently, part of the stolen funds from Bitget has also been transferred through THORChain, with its fee income reaching 1 million dollars.

Bybit co-founder and CEO Ben Zhou stated that the Bybit team is ready to assist in various ways regarding the recent hacking incident involving Bitget. Previously, when Bybit faced a hacking attack, Bitget provided support.Ben Zhou mentioned that Bybit is currently updating the LazarusBounty platform to assist Bitget in tracking the relevant flow of funds.On February 21, 2025, Bybit experienced the largest hacking attack in cryptocurrency history at that time (approximately $1.46 billion to $1.5 billion worth of Ethereum was stolen, later attributed to the North Korean Lazarus group). After the attack, Bitget quickly transferred 40,000 ETH (approximately $10.5 million to $10.6 million at that time) to Bybit, with the funds coming from Bitget's own reserves, not user assets. This support was an interest-free, unsecured loan with no fixed repayment deadline, aimed at helping Bybit cope with withdrawal runs and replenish liquidity.

According to CoinDesk, documents from the asset seizure order released by the U.S. Department of Justice (DoJ) show that the military branch of Hamas, the Al-Qassam Brigades, suggested in a letter to potential donors not to use Binance for transferring funds, but instead recommended platforms such as Bybit, OKX, Kast, and Redotpay. The letter advised using Tether's USDT stablecoin and the TRC-20 network, which is used to create and manage fungible tokens on the Tron blockchain.The Al-Qassam Brigades stated in the letter: "It is best not to use the 'Binance' platform for transferring support, and do not input any data indicating our official name, to avoid your wallet being blocked, and for your safety (inputting any fictitious data as the recipient); you can transfer through applications like Trust Wallet, RedotPay, OKX, Kast, BYBIT, etc." The organization claimed that Binance "can only be used to purchase currency, and then another application is needed to complete the transfer process."Binance's Chief Compliance Officer Noah Perlman responded that the terrorist organization's suggestion for people to avoid Binance indicates that its control measures are working. OKX stated that the wallet address mentioned in the February 10, 2025 communication is unrelated to them and has been identified by their internal controls as being associated with illegal activities, and related transfers will be flagged and blocked. Kast stated that it has a dedicated financial crime compliance department. The U.S. Treasury noted in its 2026 Terrorism Financing Risk Assessment that organizations such as Hamas and ISIS continue to use digital assets for donations and transfers.

According to the data panel on the ChainCatcher official website, regarding BTC wallet balances, in the past 7 days, Bybit had the largest increase among the top 10 exchanges, reaching 1.50%; Bitget had the largest decrease, dropping by 2.98%.In terms of exchange asset transparency proof, in the past 7 days, the top three net outflows were Bybit (-436 million USD), Binance (-156 million USD), and Bitget (-128 million USD); the top three net inflows were Deribit (+241 million USD), Bitfinex (+119 million USD), and MEXC (+102 million USD).

Cryptocurrency exchange Bybit announced the launch of USDT-settled forex perpetual contracts, covering three major currency pairs: Euro/USD, Pound/USD, and Dollar/Yen, supporting up to 100x leverage, and offering 24/7 trading. This product belongs to Bybit's TradFi perpetual contract series, which has included over 200 assets since its launch in April this year, covering stocks, commodities, ETFs, and pre-IPO companies. According to data from the Bank for International Settlements, the global forex market's average daily over-the-counter trading volume reached $9.6 trillion in April 2025, making it the largest and most liquid financial market in the world. Bybit is not the first cryptocurrency exchange to venture into forex perpetual contracts; Kraken launched five forex perpetual contracts with up to 50x leverage in April 2025, while BitMEX launched six similar products with up to 100x leverage in April 2026.

According to the data panel on the ChainCatcher official website, regarding BTC wallet balances, in the past 7 days, among the top 10 exchanges by balance, Bybit had the largest decrease at 1.5%; OKX had the largest increase at 1.4%.In terms of exchange asset transparency proof, in the past 7 days, only two exchanges experienced net outflows of reserve assets, with Bybit and MEXC seeing net outflows of 59.493 million USD and 50.7179 million USD respectively; the top three net inflows were Binance (+518 million USD), Bitfinex (+203 million USD), and Bitget (+82.6782 million USD).

According to on-chain analysts' monitoring, the Ethena project's associated address, after being dormant for 2 years, is suspected to have liquidated its holdings. 14 million ENA (worth 6.89 million dollars at the time of receipt, with a coin price of 0.4928 dollars) was fully deposited into Bybit 6 hours ago, leaving only 2.41 million dollars, a decrease of 4.48 million dollars compared to the time of receipt, and a decline of over 8.735 million dollars from its peak.