Bybit

History

2025

Launch in Kazakhstan of payment for goods and services by the most popular cryptocurrencies through QR codes

The Bybit Kazakhstan cryptocurrency exchange has launched a pilot project to pay for goods and services with digital assets through QR codes. The technology allows users to pay the most popular cryptocurrencies, and sellers receive payment in tenge thanks to automatic conversion. This was announced by the Tengri News portal in October 2025.

The Bybit Kazakhstan crypto exchange has officially submitted an application to the National Bank of Kazakhstan for participation in a special regulated regime. The regime is called "sandbox" and is a test environment for new financial technologies. The move is important for integrating digital assets into the country's economy. The regulatory sandbox allows companies to test innovative solutions under the supervision of supervisory authorities.

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Фото: Freepik

The new technology is designed to simplify the use of cryptocurrencies in the daily life of Kazakhstanis. The user just needs to scan the seller's standard QR code through the Bybit application. The payment is debited from the buyer's cryptocurrency account automatically. For the seller, the process remains unchanged and does not require additional equipment. The outlet receives payment in tenge thanks to automatic conversion. Local licensed partners provide cryptocurrency exchange for national currency.

Executive Director for Fiat and Pay at Bybit Mazurka Zeng spoke about the benefits of the system. According to her, the main advantage is that there is no need for additional conversion. Users can pay for purchases using existing crypto assets directly. The convenience is that the commission will be lower compared to self-conversion. With the traditional method, you must first exchange cryptocurrency for tenge. Then pay traditional payment systems with their fees.^[1]

26% of traffic fell on Russia

The share of Russian traffic on the Bybit exchange in April 2025 amounted to 26%. The data in May 2025 was published by Wu Blockchain. Such traffic makes Russia the largest source of visits for the platform's website. By comparison, the HTX exchange accounted for 11% of the traffic of Russians, KuCoin - 5%.^[2]

Hacking and theft of $1.46 billion

At the end of February 2025, it became known about the hacking of the Bybit crypto exchange, during which the attackers managed to steal assets worth $1.46 billion. It is believed that at the time of the attack, this is the largest one-time theft of cryptocurrency in history.

Crypto Dubai platform-based Bybit reported that the hacker attack was aimed at a so-called "cold" wallet. This is a specialized crypto wallet that does not interact Internet with or participate in working with smart contracts. "Cold" wallets serve to store crypto assets for a long period of time.

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Фото: Freepik

Bybit said the hack occurred when the company carried out a planned transfer of the Ethereum cryptocurrency from an offline "cold" wallet to a "warm" wallet, which is used during everyday trading. Cybercriminals bypassed security tools and stole funds.

Bybit co-founder and CEO Ben Zhou said that all other wallets were not affected in the hacker invasion. He added that the company has assets in the amount of $20 billion and will be able to cover any unreturned funds independently or through loans from partners. At the same time, the company received more than 350 thousand requests from customers for withdrawal of funds, which can lead to delays in service. Bybit has turned to the best experts in the field cyber security and cryptanalysts for help. The crypto exchange offers a reward of 10% of any amount returned, which could potentially amount to $146 million if all stolen funds are returned.

Bybit will remain solvent even if the break-in losses are not recovered. All customer assets are secured at a 1-to-1 ratio and we will be able to cover the losses, "Zhou said.[3]

2024: Bybit beats Coinbase to become world's second-largest crypto exchange

At the end of June 2024, the Bybit cryptocurrency exchange came in second in the world in terms of trading volume, beating Coinbase. Significant growth was achieved due to the active attraction of customers of the bankrupt FTX platform, as well as users from Europe and Russia.

Bybit co-founder and CEO Ben Zhou said its exchange was able to bridge the gap left by the FTX with a service that allows digital tokens to be used as collateral for margin trading. As a result, according to the estimates of the analytical firm Kaiko, the share of Bybit from October 2023 to June 2024 in the volume of trading doubled, reaching 16%. The company was able to bypass the American leader Coinbase Global. In spot and derivative deals, Zhou's platform is second only to Binance Holdings.

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Фото: Bybit

By mid-2024, Europe is Bybit's largest market, accounting for 30% to 35% of trading volume, Zhou said. About a fifth is provided by the CIS, in which Russia is the largest player. However, due to the formed geopolitical situation, Bybit has to comply with "very strict sanctions rules." According to the South China Morning Post, the company has representative offices in Dubai, Singapore and Hong Kong, and in August 2024 will open its first European office: it will be located in the Netherlands. Plus, Bybit is going to open a representative office in Georgia, seeking to issue the necessary license.

The Kaiko study also says that by June 2024, the share of Binance decreased to 54%, while in October 2023 it was approximately 60%. For Coinbase, over the same period, the figure rose from 7% to 8%, and for OKX - from 5% to 7%. At the same time, the cryptocurrency exchange Upbit passed positions from 9% to 4%.^[4]

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