Bybit News: Sharp Decline in Market Share Following $1.4 Billion Security Breach Sparks Expert Debate on Ethereum

Bybit’s Market Share Declines Sharply After $1.4 Billion Security Breach

Bybit’s market share for all major centralized exchanges has dropped significantly, from a peak of 32.04% on February 15 to 9.04% as of March 9, representing a 60% decline. This plunge is even more pronounced when examining the trading volume of offshore exchanges, where Bybit was second only to Binance before the February 21 hack. Bybit’s trading volume has now dropped to 10.57%.

Bybit Hack Fallout: Experts Debate Ethereum’s Reputation

The Bybit hack, the largest in crypto history, shook the crypto community due to the manipulation of the transaction signing process, an infrastructure-level attack. Representatives from Holonym, Cartesi, and Komodo Platform discussed the implications of this breach, steps to curb similar situations in the future, and how public trust in Ethereum can be restored. While other crypto exchange breaches involved private keys or direct compromises of exchange wallets, Bybit’s situation was different, highlighting the need for enhanced security measures.