Bybit recovers liquidity levels 30 days after hack — Kaiko

The Bybit exchange has recovered its liquidity to pre-hack levels just 30 days following the February 2025 attack that drained nearly $1.5 billion in funds.

According to areportfrom crypto research and analytics firm Kaiko, Bitcoin’s (BTC) 1% market depth, a measure of liquidity, returned to pre-hack levels of around $13 million per day in March 2025.

Altcoin liquidity levels on the exchange have been slower to recover than Bitcoin but have rebounded to around 80% of the pre-hack levels. The authors of the Kaiko report added:

Overall, the exchange’s trading volumes remain in recovery; however, the report notes that this drop reflects the broader market trend in response to theongoing macroeconomic uncertaintythat has rattled risk asset markets and is not an effect of thebiggest hack in crypto history.

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Bybit’s incident response

TheBybit exchange was hackedby cybercriminals on February 21, 2025, resulting in $1.5 billion in stolen funds. Apost-mortem updaterevealed a compromised device from a SafeWallet developer, the firm responsible for the multi-signature wallet custody solution used by the exchange, as the cause of the hack.

Bybit kept withdrawals openduring the incident, allowing users to access and pull their funds with little delay during the crisis.

Ben Zhou,the CEO of Bybit, reassured investors thatthe exchange was solventand said that the company’s reserves could cover the shortfall whether or not the stolen funds were ever recovered.

Zhou’s responseunited the crypto industrybehind Bybit, with many competitors providing bridge loans to the exchange, technical assistance, and freezing the stolen funds on their protocols.

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