A centralized crypto exchange registered in 2018 in the British Virgin Islands and headquartered in Dubai, UAE. With more than 50 million customers worldwide, Bybit was banned in the U.S. due to crypto regulations. In 2025, it suffered one of the largest robberies in cryptocurrency history when hackers stole Ethereum tokens valued at $1.5 billion.
From Cold to Hot Wallet
A North Korean hacking group has been suspected of being the culprit. However, no matter who is to blame, the heist was accomplished by gaining control of a cold wallet (offline) and making it temporarily hot (online) with the destination address of the hacker's account. The cold-to-hot is normal because a cold wallet becomes hot when connected online to make a crypto transaction. See
cold wallet and
crypto misfortunes.