Bybit cryptocurrency exchange expands globally despite major setbacks and security breaches

Bybit cryptocurrency exchange is increasingly recognized as a dominant player in the global crypto market.

Founded in 2018 by Ben Zhou, Bybit cryptocurrency exchange quickly rose through the ranks to become the world’s second-largest platform. Despite recent challenges, it remains a resilient force in the evolving blockchain ecosystem. In 2022, Bybit exchange relocated its headquarters from Singapore to Dubai. In Dubai, the exchange is regulated by VARAClick here for more Details. This move strategically positioned the company to tap into Dubai’s rapidly growing fintech and crypto-friendly environment. The relocation boosted Bybit’s reputation and allowed it to collaborate closely with global financial leaders.

Sponsorships propel Bybit into the mainstream

Beyond trading, Bybit has made significant moves in marketing and sponsorship. In 2021 and 2022, Bybit signed major sponsorship deals with esports giants NAVI and Astralis. It also sponsored the Argentina national football team and entered a high-profile Formula 1 partnership with Oracle Red Bull Racing. These strategic partnerships elevated the visibility of the cryptocurrency exchange, attracting millions of users from the gaming and sports communities.
Although some of these sponsorships concluded by 2024, they cemented Bybit’s brand in mainstream consciousness.

Bybit cryptocurrency exchange faces major hurdles yet shows resilience. Despite its success, the exchange faced significant setbacks. In November 2023, it was sued by the FTX bankruptcy estate for allegedly prioritizing withdrawals during FTX’s collapse. The lawsuit was eventually settled in 2024, with Bybit agreeing to pay $228 million. In February 2025, Bybit suffered a historic security breach when hackers stole over 400,000 Ethereum, valued at $1.4 billion. This attack exploited vulnerabilities in its multi-signature wallet system. Experts traced the hack to the Lazarus Group, a North Korean cybercrime organization.

Remarkably, Bybit cryptocurrency exchange replenished its reserves within 72 hours through emergency funding from firms like Galaxy Digital and Wintermute. The speed of recovery helped restore some confidence among users and investors.

What’s next for Bybit exchange?

Bybit cryptocurrency exchange remains committed to strengthening its security infrastructure and regulatory compliance. It continues to expand globally, aiming to maintain its standing in the competitive world of crypto trading. Industry watchers expect Bybit to innovate further, focusing on offering diversified financial products and enhancing user trust. Although it faced severe blows, Bybit’s resilience and adaptability demonstrate why it remains a heavyweight in the crypto arena.