Taiwanese users investing in virtual currencies should pay attention to the "Anti-Money Laundering Registration Measures for Virtual Asset Service Providers" issued by the Financial Supervisory Commission and choose secure and reliable exchange platforms!
Bybit, as a globally renowned derivatives trading platform, has attracted countless investors. However, following a shocking global hack incident in February 2025, Bybit's security became users' top concern. This article will comprehensively address your questions, covering exchange introduction, founder background, security analysis, detailed explanation of the hack incident, usage risks, and prevention recommendations!
Introduction to Bybit Exchange
Bybit is a globally renowned cryptocurrency exchange founded in 2018 by Ben Zhou and headquartered in Dubai, UAE. Since its establishment, Bybit has rapidly risen to become one of the world's top trading platforms, thanks to its robust technological foundation and diversified trading products.
According to CoinMarketCap data, Bybit ranks second globally in spot trading volume and third in derivatives trading volume, trailing only Binance and OKX. As of March 2025, Bybit boasts over 40 million users, serving more than 160 regions, with a stable daily trading volume of $25 billion, demonstrating its strong influence in the cryptocurrency market.
Bybit's core features lie in its rich trading options and efficient execution. The platform offers spot trading, perpetual contracts, futures trading, and more, supporting major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), with leverage options up to 125x, making it suitable for professional traders.
Moreover, Bybit's competitive fee structure and ample market depth allow users to trade at lower costs. For beginners, Bybit offers savings and Launchpool features, enabling idle assets to generate yields effortlessly.
👉 Bybit Registration Bonus, Fees, and Deposit Methods
Is Bybit Exchange Secure?
Fundamentally, Bybit is a legal and secure exchange. Let's analyze Bybit's security from technical and operational perspectives.
Bybit's Core Security Technologies
| Feature | Bybit's Advantages |
|---|---|
| Cold Wallet Storage | Over 95% of user funds stored offline, isolated from the internet, minimizing hack risks. |
| Multi-Signature | Withdrawals require multiple authorizations; a single vulnerability cannot transfer funds. |
| 2FA | Supports Google Authenticator, SMS, and email verification for customizable protection. |
| Insurance Fund | An emergency fund similar to Binance's SAFU, used for crisis compensation. |
| Encryption | AES-256 encryption protects user data and transaction records, with regular penetration tests. |
| Anti-Phishing Code | Users can set personalized codes to identify official emails, a feature lacking in many platforms. |
System Stability and Stress Tests
Bybit's trading engine processes 100,000 orders per second, remaining stable even during Bitcoin's surge to $100,000 in late 2024. The platform also offers a "full liquidation" mechanism to prevent user debt, further ensuring fund safety.
Compliance and Transparency
Headquartered in Dubai, Bybit leverages local tax and regulatory advantages but lacks licenses in strictly regulated regions like the U.S. and U.K. However, Bybit regularly publishes Proof of Reserves, with a 105% asset-liability ratio as of March 2025, proving sufficient funds.
Despite these technical safeguards, Bybit faced a globally shocking hack incident in 2025. Here's what happened.
The 2025 Bybit Hack Incident
On February 21, 2025, Bybit suffered its largest hack, losing 401,000 ETH (approximately $1.5 billion), suspected to be orchestrated by North Korea's Lazarus Group.
Incident Timeline
- Cause: Hackers infiltrated a Safe{Wallet} developer's device, injecting malicious JavaScript disguised as legitimate transactions.
- Execution: Malicious contracts deployed on February 19; Bybit executives approved transfers on February 21, draining cold wallet funds.
- Fund Flow: Stolen ETH dispersed to thousands of addresses, laundered via DEXs and cross-chain bridges, making tracking difficult.
Bybit's Response
- Immediate Actions: Froze withdrawals and partnered with Chainalysis to recover $42.8 million.
- Compensation: Used internal reserves and loans to restore a 100% collateral ratio.
- Security Upgrades: Updated multi-signature protocols, introduced third-party audits, and launched a 10% bounty program.
Bybit's founder, Ben Zhou, live-streamed within 24 hours to reassure users: "Bybit's reserves exceed $2 billion, ensuring withdrawals are honored." This transparent and decisive response restored market confidence, setting an industry benchmark.
👉 Bybit's Post-Hack Security Measures
5 Common Crypto Scams and Prevention Tips
Phishing Sites & Fake Apps
Scam: Fake Bybit websites or apps (e.g., bybit.co) trick users into entering credentials.
Prevention: Always verify URLs (https://www.bybit.com/) and download apps from official stores.
Fake Customer Support
Scam: Impersonators on Telegram/email request private keys or 2FA codes.
Prevention: Bybit never asks for sensitive data. Contact support only via official channels.
Pump-and-Dump Schemes
Scam: Groups hype obscure tokens, then dump them, causing losses.
Prevention: Avoid chasing "moon" coins; research projects and set stop-losses.
Ponzi Schemes
Scam: Promises of "guaranteed returns" lure victims into transferring funds.
Prevention: Reject unrealistic ROI claims; manage your own account.
Private Key Theft
Scam: Malware or fake wallets steal recovery phrases.
Prevention: Never share keys; use hardware wallets (e.g., Ledger) and offline storage.
What to Do If Scammed on Bybit
- Secure Your Account: Enable 2FA and change passwords if accessible.
- Contact Support: Submit a ticket with evidence (screenshots, TX IDs).
- Report to Authorities: File a police report with transaction records.
- Track Funds: Use Etherscan to monitor stolen ETH.
Bybit's official support is available via:
- Website/APP chat
- Email tickets
- Verified Telegram/Twitter (gold checkmarks)
Though recovery odds are low, quick action minimizes losses. Always verify URLs and enable anti-phishing codes!
Bybit Security FAQ
Q: Is Bybit safe?
A: Yes, with cold storage, 2FA, and insurance funds. Post-hack upgrades further strengthened security.
Q: Does Bybit compensate for theft?
A: In the 2025 incident, Bybit fully reimbursed users via emergency funds and loans.
Q: How to secure my Bybit account?
A: Use 2FA, anti-phishing codes, and never share private keys.
Q: What if my account is hacked?
A: Freeze it immediately via support and provide transaction evidence.
Q: How reliable is Bybit's encryption?
A: AES-256 standard with regular audits ensures data protection.
Recommended Crypto Exchanges:
- Binance: Largest global exchange for spot/derivatives.
- OKX: High-yield USDT savings (15–40% APY).
- Pionex: Free trading bots for grid strategies.
- MAX: Taiwan-focused fiat on/off ramp.
For more details, visit: Top Crypto Exchanges Ranked.