Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multichannel Amplification
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multichannel Amplification
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

New Glassnode Report: How Bybit's Response to the Lazarus Hack Became Crypto's Defining Stress Test

This image opens in the lightbox

News provided by

Bybit

01 Jul, 2025, 13:00 GMT

Share this article

Share toX

Share this article

Share toX

DUBAI, UAE, July 1, 2025 /PRNewswire/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, has been featured in a new research report by Glassnode, the leading onchain market intelligence provider trusted by top-tier financial institutions worldwide. The findings highlight Bybit's unprecedented recovery rate and how the exchange's zero-time response helped contain a potential crisis, absorbing market shock that could have sent the crypto industry into a downward spiral.

Continue Reading
This image opens in the lightbox
New Glassnode Report: How Bybit's Response to the Lazarus Hack Became Crypto's Defining Stress Test
This image opens in the lightbox
New Glassnode Report: How Bybit's Response to the Lazarus Hack Became Crypto's Defining Stress Test

The comprehensive report, titled Digital Asset Market Resilience: A Deep Dive into the Bybit-Lazarus Hack, analyzes the timeline, trading activity, and critical market data from February 2025's unprecedented cyber attack—the largest crypto hack in history at a hefty $1.4 billion—while benchmarking it against major disruption events across both the digital asset and traditional financial markets. Defying historical patterns of financial crises and crypto collapses, the industry's response to the Bybit-Lazarus hack heralds a new era of digital asset market resilience.

Perpetual Open Interest and Volumes Recovery

The report examined the performance of three key assets traded on Bybit: BTC, ETH, and SOL. A day after the hack on February 22, ETH open interest on Bybit experienced one of its most severe contractions on record due to widespread position unwinding and forced deleveraging. However, over the following two months, open interest changes turned predominantly positive, with most values returning to long-term averages and at times exceeding normal volatility thresholds.

Both BTC and SOL followed a similar pattern to ETH's after the breach. According to the report, at the time of publication, all three had been restored to pre-hack levels, with BTC and SOL achieving significant milestones in May—BTC reached a new high in futures perpetual open interest at $8.5 billion, while SOL hit $1.2 billion.

"When examining perpetual trade volumes for the Ethereum asset, we observe stability in trading activity before and after the hack event, with volumes remaining largely unchanged. Additionally, following Ethereum's outperformance in recent weeks, trade volume on Bybit has surged, reaching a new all-time high of $8.5B/day, a remarkable milestone given that Ethereum was the primary asset targeted in the hack," wrote the analysts in the report. 

Narrowing Spreads: Liquidity Conditions Stabilized

Following the hack, Bybit's deep liquidity—long considered one of its key competitive advantages—was challenged. Its market liquidity experiencing immediate stress as bid-ask spreads widened drastically and market depth contracted sharply.  The phenomenon indicated widespread participant withdrawal during the period of uncertainty. The exchange completed a record 350,000 withdrawals within 12 hours after the breach.

However, both metrics have shown steady recovery since mid-April, with bid-ask spreads returning to near pre-incident levels and market depth actually surpassing pre-hack values by May, signaling restored market maker confidence and normal trading conditions.

Breaking the Crisis Pattern: Why the Bybit Hack Didn't Trigger Industry Collapse

Instead of cascading into industry-wide panic and systemic pressure, the hacking incident left only a temporary dent in Bybit's liquidity before the exchange bounced back to pre-hack levels.

To assess Bybit's operational stability, Glassnode developed a proprietary model based on two key indicators: Internal Reshuffling Ratio and Whale Withdrawal Ratio. Both metrics showed a period of post-hack spikes before returning to normal levels.

The report attributed the prevention of market spillover to Bybit's "swift operational response, transparent communication, and strong internal controls," which enabled the exchange to protect customer funds, maintain platform integrity, and contain contagion risk.

The report adds to growing analytical literature on the historic hacking incident, whose aftermath demonstrated the industry's evolving resilience by avoiding systemic collapse seen in previous crises like FTX and Terra. Bybit not only contained potential market-wide damage but saw key assets reach new trading records, proving institutional-grade practices are now embedded in digital asset markets. This incident marks a pivotal shift in crypto's capacity to absorb major disruptions, potentially transforming investor confidence and accelerating industry maturation.

To find out more about the report, users may visit Glassnode Insights.

#Bybit / #TheCryptoArk

About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press 
For media inquiries, please contact: media@bybit.com
For updates, please follow: Bybit's Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

Photo - https://mma.prnewswire.com/media/2722783/New_Glassnode_Report_How_Bybit_s_Response_Lazarus_Hack_Became_Crypto_s.jpg
Photo - https://mma.prnewswire.com/media/2722784/New_Glassnode_Report_How_Bybit_s_Response_Lazarus_Hack_Became_Crypto_s_1.jpg
Logo - https://mma.prnewswire.com/media/2267288/Logo.jpg 

Modal title

Also from this source

Bybit's Bridge to Wall Street Gets Wider with xStocks Tokenized Equities

Bybit's Bridge to Wall Street Gets Wider with xStocks Tokenized Equities

Bybit, the world's second-largest cryptocurrency exchange by trading volume, today announced the listing of xStocks—a series of tokenized U.S....

Bybit & Block Scholes Report: GENIUS Act Aims to "Reinvent the Dollar" and Solidify US Leadership in Digital Assets

Bybit & Block Scholes Report: GENIUS Act Aims to "Reinvent the Dollar" and Solidify US Leadership in Digital Assets

Bybit, the world's second-largest cryptocurrency exchange by trading volume, today released a new crypto insights report with Block Scholes,...

More Releases From This Source

Explore

Computer & Electronics

Computer & Electronics

Banking & Financial Services

Banking & Financial Services

Cryptocurrency

Cryptocurrency

Cryptocurrency

Cryptocurrency

News Releases in Similar Topics

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.