Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has successfully restored its liquidity to levels seen before the massive $1.5 billion hack that occurred in February 2025. According to a report by crypto analytics firm Kaiko, Bitcoin’s 1% market depth on Bybit rebounded to approximately $13 million per day in March, indicating a full recovery in BTC liquidity.
While altcoin liquidity on the platform has been slower to recover, it has reached around 80% of its pre-hack levels. Kaiko attributes this lag to a broader risk-off sentiment in the market, which has impacted altcoins more severely than Bitcoin.
The February 21 breach was the largest crypto exchange hack to date, resulting in the theft of approximately $1.5 billion in funds. A post-mortem revealed that the attack stemmed from a compromised device belonging to a developer at SafeWallet, the firm responsible for Bybit’s multi-signature wallet custody solution.
In response to the incident, Bybit maintained open withdrawals, allowing users to access their funds with minimal delays. CEO Ben Zhou assured investors of the exchange’s solvency, stating that the company’s reserves could cover the shortfall regardless of whether the stolen funds were recovered. The crypto community rallied behind Bybit, with several competitors providing bridge loans, technical assistance, and freezing the stolen funds on their platforms.
Despite the recovery in liquidity, Bybit’s overall trading volumes remain in a state of recovery, reflecting broader market trends amid ongoing macroeconomic uncertainties.
