Bybit has dropped from the top three exchanges in terms of trading volume after the $1.4 billion hack shaved off some of its market value. According to Kaiko, the exchange’s market share has dropped by more than 50% since the event happened.
According to Kaiko, the exchange recorded a 32% market share on February 15, which accounted for the last 30 days. This is in contrast to its 22% in market share a day before the hack took place. However, it has dropped to 9%, showing a 60% drop.
The drop is even serious considering centralized exchanges across the world. Bybit was second to Binance with a 25% volume before the hack, with the figure now dropping to about 10% on March 9. Binance also benefited greatly from the Bybit hack, to the exchange seeing massive patronage after the incident.
Bybit shows signs of recovery
Bybit has been showing signs of recovery as users are now returning after previously leaving after the hack. The recent activities in days after the hack show how swift the exchange has been towards recovery. The exchange also did not pause withdrawals and kept activities going despite the hack, retaining the trust of its users.
However, it has been hard recovering the funds, with only 3% of the stolen funds currently frozen. Data also shows that only about $43 million has been recovered since the hack took place. The exchange has also kept its word for paying people committed to recovering the funds, paying $4 million. Despite the efforts, hackers have been able to convert $300 million of the stolen funds.