According to BlockBeats, on May 7, based on a report from Kaiko on Wednesday, Bitcoin liquidity on the Bybit platform has rebounded to February levels, following a multi-signature theft by hackers who stole $1.5 billion worth of Ethereum from the platform.
Bybit fell victim to a well-coordinated attack, believed to have been orchestrated by the notorious North Korean-funded criminal organization, Lazarus Group. On February 21, 2025, the attackers tricked the Bybit cold wallet signer into authorizing a malicious transaction, stealing over 400,000 Ethereum. Bybit CEO Ben Zhou stated that after the attack, the platform experienced over 350,000 withdrawal requests, with users rushing to withdraw their assets, resulting in decreased normal market activity.
This incident has further pressured Bybit and the entire cryptocurrency market, following the tariff plan proposed by the United States in January, which triggered a global trade war. However, a month later, Bybit's Bitcoin liquidity has returned to pre-hack levels. Kaiko researchers noted, 'Despite the drastic changes in U.S. trade policy creating a challenging market environment for Bitcoin, the market depth for Bitcoin on Bybit fully recovered just 30 days after the hack.'
Market depth refers to the platform's ability to handle large buy and sell orders without causing significant price fluctuations. The greater the market depth, the more trading activity the exchange's order book can absorb.
