Bybit managed a remarkable recovery in 2025, reclaiming a significant share of the crypto exchange market despite suffering the largest hack in crypto history earlier in the year. According to a new CoinGecko report, the exchange recorded massive trading volumes and steadily rebuilt user trust following the $1.5 billion security breach.
CoinGecko data shows that overall trading activity across the top crypto exchanges remained resilient in 2025, with most platforms seeing growth even amid market volatility and major security incidents.
Bybit’s Recovery After the Largest Crypto Hack Ever
Bybit recorded $1.5 trillion in trading volume in 2025, securing 8.1% of total market share, making it the second-largest exchange by trading volume for the year. CoinGecko research analyst Shaun Paul Lee described the exchange’s rebound as a “slow but steady comeback” following the February 2025 hack.
The attack, attributed to North Korean hackers, exploited a vulnerability in Bybit’s cold wallet infrastructure and resulted in the theft of $1.5 billion worth of Ether. Despite the scale of the breach, Bybit chose a transparent and proactive response strategy. Withdrawals remained open, all user transactions were honored, and CEO Ben Zhou publicly addressed concerns, assuring customers that the exchange had sufficient reserves to cover losses.
This approach proved critical. According to Immunefi CEO Mitchell Amador, nearly 80% of crypto projects never fully recover after a major hack due to operational failures and loss of trust. Bybit’s ability to maintain liquidity and communicate clearly helped it avoid that fate and gradually regain dominance throughout the year.
Crypto Exchange Trading Volumes Rose Across the Industry in 2025
CoinGecko’s report found that six out of the top 10 crypto exchanges increased their trading volumes in 2025, with volumes rising 7.6% on average, adding approximately $1.3 trillion in additional trades compared to the previous year.
MEXC emerged as the fastest-growing exchange, with trading volumes surging 91% year-over-year to reach $1.5 trillion, up from $766.7 billion in 2024. The growth was largely driven by its aggressive zero-fee spot trading policy, which attracted both retail users and high-frequency traders.
Despite strong competition, Binance retained its position as the largest crypto exchange, recording an estimated $7.3 trillion in trading volume. However, its annual volume declined slightly by 0.5%, which CoinGecko attributed to bearish sentiment following a major market liquidation event in October.
