A collaborative report by Glassnode and Bybit reveals that Ethereum (ETH) and Solana (SOL) trading activity rebounded swiftly after February 2025’s $1.4 billion exploit, underscoring the crypto market’s growing resilience. Despite initial volatility, **Bybit**—ranked as the third-largest **centralized exchange (CEX)**—processed $2.6 billion in trades within 24 hours post-recovery, per CoinGecko data.
Market Recovery Post-Hack
The breach, attributed to North Korea’s Lazarus Group, drained $1.4 billion in ETH from a Bybit cold wallet, marking the largest CEX hack recorded. Key findings from the report include:
- Ethereum perpetual futures open interest (OI) on Bybit plummeted from $3.3 billion** to **$1.5 billion by early April 2025.
- ETH spot price dropped from $2,800** to **$1,400 during the same period.
- Bitcoin (BTC) and Solana perps OI also declined sharply but recovered within weeks.
👉 How did Bybit restore user confidence so quickly?
By mid-2025, Ethereum OI surged to $3.9 billion**, while **Solana OI hit a record $1.2 billion, signaling restored trader confidence. Notably, ETH daily trading volume on Bybit peaked at $8.5 billion post-crisis.
Institutional-Grade Resilience
The report frames Bybit’s recovery as a "stress-test" for crypto markets, highlighting:
"Institutional-grade practices in digital asset markets are now mitigating systemic risks. Such resilience could boost investor confidence and ecosystem maturity."
Despite this progress, CertiK’s H1 2025 Web3 Security Report warns of lingering threats, with $2.47 billion lost to hacks—72% from just the Bybit and Cetus exploits.
Key Takeaways
- Rapid Recovery: ETH and SOL markets rebounded faster than traditional finance would under similar stress.
- Custodial Risks: Off-chain vulnerabilities remain critical challenges for CEXs.
- Industry-Wide Vigilance: High-impact events demand improved security protocols.
FAQs
Q1: Was user funds fully reimbursed after the Bybit hack?
A: Yes. Bybit replenished reserves and reimbursed affected users promptly.
Q2: How does this hack compare to past crypto exploits?
A: It’s the largest CEX hack to date, surpassing even cross-sector cyberheists.
Q3: What lessons can other exchanges learn?
A: Proactive reserve management and transparent communication are vital for trust.
👉 Explore secure trading platforms post-hack
Conclusion
The crypto market’s ability to withstand a $1.4B shock without prolonged disruption reflects its maturing infrastructure. While risks persist, Bybit’s case sets a benchmark for crisis response in Web3.