Bybit

  • The state of CEXs: Binance reserves surge by $4.5B as Bybit sees massive outflows

    The state of CEXs: Binance reserves surge by $4.5B as Bybit sees massive outflows
    March 5, 2025 News

  • Phishing scams decline for third straight month as losses drop 48% in February
    March 5, 2025 News
  • Bybit demands 44.67 ETH back from Paraswap DAO, citing hacker’s swap fees

    Bybit demands 44.67 ETH back from Paraswap DAO, citing hacker’s swap fees
    March 4, 2025 News
  • Bybit's CEO Ben Zhou: 20% of the hacked funds have gone dark

    Bybit’s CEO Ben Zhou: 20% of the hacked funds have gone dark
    March 4, 2025 News
  • Lazarus has finished laundering all the Ethereum it stole from Bybit

    Lazarus has finished laundering all the Ethereum it stole from Bybit
    March 4, 2025 News
  • Bybit hackers resume laundering activities, move 62,200 ETH

    Bybit hackers resume laundering activities, move 62,200 ETH
    March 2, 2025 News
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  • Lazarus Group at it again - New victim suspected in $3.1M Tron hack

    Lazarus Group at it again – New victim suspected in $3.1M Tron hack
    March 1, 2025 News
  • Immunefi

    Crypto losses to hacks & scams hit $1.6B in 2025, up 8x YoY: Immunefi
    February 28, 2025 News
  • Mirana Ventures, Ethereum, ETH

    Mirana Ventures, related to the founders of Bybit, keeps buying the dip on Ethereum (ETH)
    February 28, 2025 News
  • Ethereum erases 50% value post-Trump markets

    Ethereum erases 50% value post-Trump markets
    February 28, 2025 News

  • Wallet of Mask Network’s founder drained, all assets swapped to Ethereum (ETH)
    February 27, 2025 News
  • Bybit

    Bybit receives second in-principle approval in UAE
    February 27, 2025 News
  • bitcoin

    Bitcoin (BTC) monthly options expiry gives last chance to spark a rally
    February 27, 2025 Bitcoin
  • CZ reacts to Bybit’s detailed forensics report on the recent $1.4B hack

    CZ reacts to Bybit’s detailed forensics report on the recent $1.4B hack
    February 27, 2025 News
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  • ZachXBT: Hackers compromise Pump.fun X account, issuing fake memecoin announcements

    ZachXBT: Hackers compromise Pump.fun X account, issuing fake memecoin announcements
    February 26, 2025 News
  • New Phishing SMS scam related to the Bybit hack now targets the Binance exchange clients

    New Phishing SMS scam related to the Bybit hack now targets the Binance exchange clients
    February 26, 2025 News
  • Ethena Labs closes proof of reserves oracle deal after Bybit hack caused weekend depeg scare

    Ethena Labs closes proof of reserves oracle deal after Bybit hack caused weekend depeg scare
    February 26, 2025 News

  • Bybit sics entire crypto sector on North Korean hackers with Lazarus Bounty platform
    February 25, 2025 News
  • Ether set for its worst February in years? 25% drop raises red flags

    Ether set for its worst February in years? 25% drop raises red flags
    February 25, 2025 News
  • US authorities seize $31M in crypto linked to 2021 Uranium Finance hack

    US authorities seize $31M in crypto linked to 2021 Uranium Finance hack
    February 25, 2025 News
  • The crypto market faced an onslaught of liquidations this February. The latest round of unwinding affected fewer positions in dollar terms, but caused a deeper drawdown for Bitcoin (BTC) and all other leading assets.  Traders got liquidated for over $809M, attacking both short and long positions. The latest liquidation event pressured Bitcoin (BTC) to break under its range, sinking to the $88,000 level. Newer data shows the liquidations continue, expanding to $1.48B in 24 hours.  For exchanges, however, any market conditions can lead to a payday in terms of fees and other sources of income related to the leveraged trade. It was precisely leveraged positions that drove the market, as traders deposited record liquidity in stablecoins.  One way exchanges benefit from turbulence is through funding fees, which accrue when holding a position. One whale on Hyperliquid accrued over $2.16M to avoid liquidation and retain their position.  Liquidations, increased trading volumes, and additional fees are boosting exchange revenues, even as crypto assets flounder. The recent crash for BTC and Ethereum (ETH) also followed a day of increased transfers from exchanges to market makers.  Exchanges have different liquidation fee schedules. Binance charges a 2% liquidation fee and 3% for pro traders.  After the recent liquidations, BTC sees extremely sparse long positions, as low as $86,000. Liquidity has now shifted to short positions up to $99,700, suggesting a market recovery may follow to challenge the most liquid tiers. The first big accumulation of liquidity is at $92,000, suggesting BTC may make a price move in that direction. Market crash helped Bybit repay its loans The recent ETH market crash made it much easier for Bybit to cover its loans. The exchange had excess liquidity for some stablecoins but lacked the needed ETH to repay in kind. Initially, it was hard for Bybit to source ETH, and the asset was trading above $2,700.  In the past 24 hours, Bybit has been using multiple avenues to acquire more ETH. The latest purchase was for another 36,893 ETH, acquired through an OTC deal. The funds originated from a high-value wallet, sent through an intermediary address created three days ago. Bybit has sourced an estimated 212,101 ETH through OTC deals in the past day, reflecting the new lowered price. The latest ETH dip to $2,370.28 meant the Bybit loan was now much cheaper and covered much faster. The rapid unraveling of assets led to peak volumes on Bybit. The exchange also became the leader in new liquidations.  Bybit liquidations do not directly translate into fund inflows Over 45% of all liquidations for the past day happened on Bybit. In the past 24 hours, over $675M were liquidated on Bybit, affecting 94.42% in long positions. The current level of liquidations is unusual for Bybit, and usually affects Binance the most, leading to more suspicions of market tampering. Bybit increased its volumes and influence in the past weeks, lining up among top-tier exchanges just before its $1.5B hack.  Bybit liquidations led the way, even surpassing activity on Binance's leveraged market. | Source: Coinglass The accrued long positions were indeed attackable, but the ability to sell large amounts of ETH raised suspicions that exchanges were coordinating to bring down the market and clear all leverage. In the end, the decision to hold leveraged positions belongs to traders, who took the risk that whales could sell and depress the market. During a liquidation event, the funds are paid out to traders that have taken the opposite position, and for covering the exchange’s claims if the positions are still open. Bybit may still hold some of the liquidated funds in its insurance fund.  At this point, it is difficult to estimate Bybit's exact share. It is unknown if the exchange itself trades against other users. The final funds available to Bybit would also depend on the leverage of the positions and the minimal funds left in the margin accounts. Some exchanges may act as market makers and retain a part of the liquidated funds.

    Exchanges stack liquidation fees as market downturn breaks leveraged positions
    February 25, 2025 News
  • Bybit exchange repays 40,000 ETH post-hack loan from Bitget

    Bybit exchange repays 40,000 ETH post-hack loan from Bitget
    February 25, 2025 News