Glossary
Bybit
A Dubai-based crypto derivatives exchange — one of the top venues by perpetual-futures volume globally, founded by Ben Zhou in 2018.
Bybit launched in 2018 with a primary focus on cryptocurrency derivatives (especially perpetual futures). Headquartered in Dubai, the exchange grew rapidly into one of the top venues globally by perp volume, alongside Binance and OKX. It also operates a spot market and a Web3-focused product line.
Bybit was the target of the largest single crypto hack in history in February 2025 — ~$1.5 billion stolen from a cold-wallet signing flow, attributed to North Korea's Lazarus Group. The exchange continued operating without freezing customer withdrawals and absorbed the loss against its own capital.