The Bybit exchange has successfully restored its liquidity to pre-hack levels within just 30 days after the February 2025 cyberattack that resulted in the loss of nearly $1.5 billion in funds. According to a report from crypto research and analytics firm Kaiko, Bitcoin’s 1% market depth, a key liquidity metric, has returned to around $13 million per day in March 2025. Altcoin liquidity on the platform has been slower to recover but has reached approximately 80% of pre-hack levels. The authors of the Kaiko report attributed this delay to the risk-off market environment, which has particularly impacted altcoins. Despite the recovery of liquidity levels, overall trading volumes on the exchange are still in the process of bouncing back, reflecting broader market trends influenced by ongoing macroeconomic uncertainties rather than solely the effects of the hack. The cyberattack on Bybit occurred on February 21, 2025, resulting in the theft of $1.5 billion. A post-mortem analysis identified a compromised device from a SafeWallet developer, the provider of the multi-signature wallet custody solution used by the exchange, as the root cause of the hack. Bybit maintained open withdrawals during the incident, allowing users to retrieve their funds promptly. CEO Ben Zhou assured investors of the exchange’s solvency and its ability to cover the loss even if the stolen funds were not recovered. Zhou’s response garnered support from the crypto industry, with competitors offering bridge loans, technical assistance, and freezing stolen funds on their platforms.