Bybit: The Cryptocurrency Trading Platform That’s Revolutionizing the Digital Market
What is Bybit? (And why you should pay attention right now)
Bybit is not just another exchange. Since its creation in 2018, it has become one of the most influential cryptocurrency trading platforms in the ecosystem. Headquartered in Dubai and with over 10 million registered users worldwide, it has earned a place among the big players thanks to its focus on crypto derivatives, as well as its expansion into DeFi services, NFTs, and its innovative token launch platform.
But what has really put Bybit in the spotlight recently isn’t just its growth… but a scandal that shook the entire market.
(More on the biggest hack in its history later.)
What is Bybit for? A platform for much more than just buying and selling crypto
Bybit began as a crypto derivatives exchange, meaning a place where you could trade perpetual contracts with leverage. But today, it’s much more:
- Spot trading (since July 2021)
- Integrated NFT platform
- Bybit Earn (formerly ByFi Center): investment products with passive returns
- Token launch platform (Launchpad) for new blockchain projects
- Institutional accounts and DeFi solutions
And all of this without abandoning its fast and user-friendly interface, ideal for both beginners and professional traders.
“Bybit is building the bridge between traditional finance and the Web3 ecosystem.”
— Ben Zhou, CEO and founder of Bybit
Who founded Bybit?
The face behind the exchange is Ben Zhou, a Chinese entrepreneur with previous experience in the financial sector. Before creating Bybit, he was the general manager of XM, one of the leading forex trading platforms. His vision with Bybit was clear: to create a robust, fast, and user-centered exchange, especially in such a volatile market like crypto.
Bybit's History: From Bitcoin Tournament to Red Bull Racing Deals
Since its early days, Bybit has stood out for its innovation. Here’s a look at some of its most important milestones:
- 2019: Launch of “BTC Brawl,” a global Bitcoin trading tournament.
- 2020: Launch of the annual World Series of Trading (WSOT), with million-dollar prizes.
- 2021: Partnerships with teams like Borussia Dortmund and eSports organizations like NAVI and Astralis.
- 2022: Sponsorship deal with Red Bull Racing, making it one of the most visible exchanges in Formula 1.
This focus on sports and technology has allowed Bybit to build a modern and trustworthy brand, especially among young traders.
In which countries can you use Bybit?
Bybit is available in most of the world, but with important exceptions due to regulatory reasons. You cannot use Bybit if you are in:
- United States
- Mainland China
- Singapore
- Quebec (Canada)
- North Korea, Crimea, Cuba, Iran, and other sanctioned jurisdictions
To operate legally, Bybit requires users to go through a KYC (Know Your Customer) process, implemented in collaboration with companies like Sumsub, to verify identity and prevent fraud.
What happened in the 2025 Bybit hack?
On February 21, 2025, Bybit announced a hack that temporarily paralyzed the platform. The attackers stole 400,000 ETH, equivalent to $1.5 billion at the time. This makes it the largest hack in crypto history.
Companies like Arkham Intelligence and Elliptic linked the attack to the North Korean group Lazarus, known for sophisticated attacks on digital infrastructure.
Although it was a major blow, Bybit has since strengthened its security systems and works with external audits to prevent future incidents.
Why is Bybit still relevant after the scandal?
Despite the attack, market trust in Bybit hasn’t collapsed. Why?
- Transparency: They communicated the incident quickly.
- Fund recovery: They are collaborating with global agencies to trace the stolen funds.
- User compensation: A restitution plan for affected users is expected.
- Security upgrades: Integration of on-chain analysis tools and biometric verification.
Conclusion: Is it still worth using Bybit today?
If you’re outside the restricted jurisdictions and looking for an advanced, dynamic exchange with multiple tools, Bybit is an excellent option. That said, as with any crypto platform, personal security and risk management should always be part of your strategy.