Bybit Fintech Limited, known as Bybit, is a Dubai based centralized cryptocurrency exchange. The platform has faced regulatory warnings in several jurisdictions.
In February 2025, the exchange was hacked resulting in the loss of $1.5 billion in assets, marking the largest cryptocurrency theft on record.
Bybit was founded in 2018 by Singaporean entrepreneur Ben Zhou, who currently serves as CEO. In 2022, the company relocated its headquarters from Singapore to Dubai, United Arab Emirates.
In November 2023, the FTX bankruptcy estate sued Bybit for nearly $1 billion. It alleged that Bybit's investment arm Mirana prioritized withdrawals from FTX in November 2022 amid concerns about its solvency and withdrew nearly $500 million before withdrawals stopped. The suit claimed that Bybit used FTX assets to expedite withdrawals, blocked FTX from reclaiming $125 million, and devalued tokens worth tens of millions through BitDAO. FTX also contended that a token swap with Alameda Research in October 2021 was reversed in May 2023, when BitDAO restructured tokens, limiting redemption rights. In October 2024, Bybit settled its FTX case by paying $228 million.
