Bybit's Market Share Plunges After $1.5 Billion Security Breach in February

Following a significant $1.5 billion security breach in February, Bybit, a major crypto exchange, saw its market share plummet. According to Kaiko data, Bybit's market share dropped from nearly 20% on February 21, the day of the attack, to 5% by March 2. As of March 9, it has recovered slightly to 9.04%. The breach, which involved the exploitation of vulnerabilities in Bybit's cold wallet system, resulted in the theft of $1.5 billion in Ethereum. Binance's market dominance surged to 62% immediately after the breach but has since declined to around 50%. Authorities are currently investigating the incident, with blockchain analysts tracing the stolen assets, with at least $300 million already laundered.