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DUBAI, UAE, July 1, 2025 /PRNewswire/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, has been featured in a new research report by Glassnode, the leading onchain market intelligence provider trusted by top-tier financial institutions worldwide. The findings highlight Bybit's unprecedented recovery rate and how the exchange's zero-time response helped contain a potential crisis, absorbing market shock that could have sent the crypto industry into a downward spiral.
The comprehensive report, titled Digital Asset Market Resilience: A Deep Dive into the Bybit-Lazarus Hack, analyzes the timeline, trading activity, and critical market data from February 2025's unprecedented cyber attack—the largest crypto hack in history at a hefty $1.4 billion—while benchmarking it against major disruption events across both the digital asset and traditional financial markets. Defying historical patterns of financial crises and crypto collapses, the industry's response to the Bybit-Lazarus hack heralds a new era of digital asset market resilience.
Perpetual Open Interest and Volumes Recovery
The report examined the performance of three key assets traded on Bybit: BTC, ETH, and SOL. A day after the hack on February 22, ETH open interest on Bybit experienced one of its most severe contractions on record due to widespread position unwinding and forced deleveraging. However, over the following two months, open interest changes turned predominantly positive, with most values returning to long-term averages and at times exceeding normal volatility thresholds.
Both BTC and SOL followed a similar pattern to ETH's after the breach. According to the report, at the time of publication, all three had been restored to pre-hack levels, with BTC and SOL achieving significant milestones in May—BTC reached a new high in futures perpetual open interest at $8.5 billion, while SOL hit $1.2 billion.
"When examining perpetual trade volumes for the Ethereum asset, we observe stability in trading activity before and after the hack event, with volumes remaining largely unchanged. Additionally, following Ethereum's outperformance in recent weeks, trade volume on Bybit has surged, reaching a new all-time high of $8.5B/day, a remarkable milestone given that Ethereum was the primary asset targeted in the hack," wrote the analysts in the report.
Narrowing Spreads: Liquidity Conditions Stabilized
Following the hack, Bybit's deep liquidity—long considered one of its key competitive advantages—was challenged. Its market liquidity experiencing immediate stress as bid-ask spreads widened drastically and market depth contracted sharply. The phenomenon indicated widespread participant withdrawal during the period of uncertainty. The exchange completed a record 350,000 withdrawals within 12 hours after the breach.
However, both metrics have shown steady recovery since mid-April, with bid-ask spreads returning to near pre-incident levels and market depth actually surpassing pre-hack values by May, signaling restored market maker confidence and normal trading conditions.
Breaking the Crisis Pattern: Why the Bybit Hack Didn't Trigger Industry Collapse
Instead of cascading into industry-wide panic and systemic pressure, the hacking incident left only a temporary dent in Bybit's liquidity before the exchange bounced back to pre-hack levels.
To assess Bybit's operational stability, Glassnode developed a proprietary model based on two key indicators: Internal Reshuffling Ratio and Whale Withdrawal Ratio. Both metrics showed a period of post-hack spikes before returning to normal levels.
The report attributed the prevention of market spillover to Bybit's "swift operational response, transparent communication, and strong internal controls," which enabled the exchange to protect customer funds, maintain platform integrity, and contain contagion risk.
The report adds to growing analytical literature on the historic hacking incident, whose aftermath demonstrated the industry's evolving resilience by avoiding systemic collapse seen in previous crises like FTX and Terra. Bybit not only contained potential market-wide damage but saw key assets reach new trading records, proving institutional-grade practices are now embedded in digital asset markets. This incident marks a pivotal shift in crypto's capacity to absorb major disruptions, potentially transforming investor confidence and accelerating industry maturation.
To find out more about the report, users may visit Glassnode Insights.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: media@bybit.com
For updates, please follow: Bybit's Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
DUBAI, UAE, July 1, 2025 /PRNewswire/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, has been featured in a new research report by Glassnode, the leading onchain market intelligence provider trusted by top-tier financial institutions worldwide. The findings highlight Bybit's unprecedented recovery rate and how the exchange's zero-time response helped contain a potential crisis, absorbing market shock that could have sent the crypto industry into a downward spiral.
The comprehensive report, titled Digital Asset Market Resilience: A Deep Dive into the Bybit-Lazarus Hack, analyzes the timeline, trading activity, and critical market data from February 2025's unprecedented cyber attack—the largest crypto hack in history at a hefty $1.4 billion—while benchmarking it against major disruption events across both the digital asset and traditional financial markets. Defying historical patterns of financial crises and crypto collapses, the industry's response to the Bybit-Lazarus hack heralds a new era of digital asset market resilience.
Perpetual Open Interest and Volumes Recovery
The report examined the performance of three key assets traded on Bybit: BTC, ETH, and SOL. A day after the hack on February 22, ETH open interest on Bybit experienced one of its most severe contractions on record due to widespread position unwinding and forced deleveraging. However, over the following two months, open interest changes turned predominantly positive, with most values returning to long-term averages and at times exceeding normal volatility thresholds.
Both BTC and SOL followed a similar pattern to ETH's after the breach. According to the report, at the time of publication, all three had been restored to pre-hack levels, with BTC and SOL achieving significant milestones in May—BTC reached a new high in futures perpetual open interest at $8.5 billion, while SOL hit $1.2 billion.
"When examining perpetual trade volumes for the Ethereum asset, we observe stability in trading activity before and after the hack event, with volumes remaining largely unchanged. Additionally, following Ethereum's outperformance in recent weeks, trade volume on Bybit has surged, reaching a new all-time high of $8.5B/day, a remarkable milestone given that Ethereum was the primary asset targeted in the hack," wrote the analysts in the report.
Narrowing Spreads: Liquidity Conditions Stabilized
Following the hack, Bybit's deep liquidity—long considered one of its key competitive advantages—was challenged. Its market liquidity experiencing immediate stress as bid-ask spreads widened drastically and market depth contracted sharply. The phenomenon indicated widespread participant withdrawal during the period of uncertainty. The exchange completed a record 350,000 withdrawals within 12 hours after the breach.
However, both metrics have shown steady recovery since mid-April, with bid-ask spreads returning to near pre-incident levels and market depth actually surpassing pre-hack values by May, signaling restored market maker confidence and normal trading conditions.
Breaking the Crisis Pattern: Why the Bybit Hack Didn't Trigger Industry Collapse
Instead of cascading into industry-wide panic and systemic pressure, the hacking incident left only a temporary dent in Bybit's liquidity before the exchange bounced back to pre-hack levels.
To assess Bybit's operational stability, Glassnode developed a proprietary model based on two key indicators: Internal Reshuffling Ratio and Whale Withdrawal Ratio. Both metrics showed a period of post-hack spikes before returning to normal levels.
The report attributed the prevention of market spillover to Bybit's "swift operational response, transparent communication, and strong internal controls," which enabled the exchange to protect customer funds, maintain platform integrity, and contain contagion risk.
The report adds to growing analytical literature on the historic hacking incident, whose aftermath demonstrated the industry's evolving resilience by avoiding systemic collapse seen in previous crises like FTX and Terra. Bybit not only contained potential market-wide damage but saw key assets reach new trading records, proving institutional-grade practices are now embedded in digital asset markets. This incident marks a pivotal shift in crypto's capacity to absorb major disruptions, potentially transforming investor confidence and accelerating industry maturation.
To find out more about the report, users may visit Glassnode Insights.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: media@bybit.com
For updates, please follow: Bybit's Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
New Glassnode Report: How Bybit's Response to the Lazarus Hack Became Crypto's Defining Stress Test
New Glassnode Report: How Bybit's Response to the Lazarus Hack Became Crypto's Defining Stress Test
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Global fans to experience the Games of the Future like never before as MOBA PC.Dota 2 competition kickoffs in Abu Dhabi
DUBAI, UAE, Dec. 13, 2025 /PRNewswire/ -- Phygital International, the global promoter of phygital sports, today announces the official launch of the GOTF OTT Platform, the dedicated streaming destination for the Games of the Future 2025 Abu Dhabi powered by ADNOC (GOTF 2025). The platform goes live as this year's competition begins, with its first broadcast featuring the opening rounds of the MOBA PC.Dota 2 discipline on 14 December from Pixoul Gaming in Abu Dhabi.
Accessible at https://tv.gofuture.games, the new streaming hub serves as the central digital home for live broadcasts, full-event replays, highlights, and exclusive behind-the-scenes content spanning all GOTF 2025 disciplines.
Designed for global accessibility and year-round engagement, the platform enables fans everywhere to watch every match live, revisit full replays at any time, and enjoy curated short-form content optimized for social and mobile viewing.
Powered end-to-end by technology partner Asport, the GOTF OTT Platform integrates advanced cloud-based broadcasting, seamless navigation, and real-time highlight creation tools to elevate the fan experience. These capabilities support richer storytelling across all channels and establish tv.gofuture.games as the long-term digital home of phygital sport.
Moba PC.Dota 2 competition to launch platform
The launch coincides with preparations for a spectacular start to the Games, as the MOBA PC.Dota 2 competition brings together iconic players, celebrated legends, and rising regional stars for what promises to be one of the most competitive line-ups in the event's history. All matches from the discipline will stream live on https://tv.gofuture.games.
Teams set to compete include E7, Paper Tigers, Legends Rebooted, Vikings, Team Phoenix, Nigma Galaxy, Win and TraBoTeam each bringing a distinctive mix of elite pro players and influential gaming personalities. One of the leading competitors will be Xu "BurNIng" Zhilei, who will be playing in team Paper Tigers and who iswidely regarded as one of the greatest carry players in Dota 2 history.
With such a stacked international field, fans can expect clashing playstyles, unpredictable upsets, and fresh rivalries, setting the stage for one of the headline showpieces of GOTF 2025.
Following the opening Group Stage, the competition advances into a full double-elimination playoff bracket, culminating in high-stakes best-of-three clashes on 18–19 December at ADNEC, where teams will fight for a place in the final and a shot at international glory.
Commenting on the launch of the platform, Nis Hatt, CEO of Phygital International, said: "The GOTF OTT Platform marks a major milestone in our mission to bring phygital sport to a global audience. This world-class digital destination showcases the energy, innovation, and inclusivity at the heart of the Games of the Future. As Dota 2 opens the competition tomorrow, we're excited to offer millions of fans a new way to experience every moment of this year's Games live."
Growing network of global broadcast partners
In addition to the GOTF OTT Platform, fans can follow the Games of the Future Abu Dhabi 2025 powered by ADNOC across a growing network of international media rights and broadcast partners, ensuring fans around the world can catch all the action.
In the United States, coverage will be available via ESR TV, the leading gaming and esports network reaching mainstream audiences through platforms such as Apple TV, Sling, and Amazon Prime Video Channels. Across Latin America, FOX Sports Mexico and Zapping will deliver both English and Spanish-language broadcasts across the region.
On mobile-first platforms, Bigo Live will act as an interactive real-time streaming hub, offering live competition windows, creator-led co-streams, and fan-generated reactions. With strong Gen-Z and global creator adoption, Bigo Live brings the Games directly into participatory viewing culture. Complementing this, Likee will amplify the emotion and energy of GOTF 2025 through short-form video storytelling, transforming standout moments into shareable narratives.
These partners build on an already confirmed broadcast footprint that includes Sportworld and BIGG TV across EMEA, Huya and SOOP in Asia, and StarTimes and TV BRICS across Africa.
"With these major additions to our broadcast network, we take great pride in ensuring the Games of the Future Abu Dhabi 2025 powered by ADNOC are accessible to audiences worldwide. We are delivering a multi-regional, multi-generational platform that matches the scale and innovation of phygital sport," added Hatt.
Tickets for the Games of the Future Abu Dhabi 2025 powered by ADNOC are now on sale at www.gotfabudhabi.com. Fans can also follow all the latest updates and behind-the-scenes content on Instagram at @gamesofthefutureofficial and @gotfabudhabi.
About Phygital International (PI):
Phygital International is the promoter of phygital sports globally and is focused on innovating and redefining sports. It is the custodian and rights holder of the Games of the Future and oversees the bidding process for each host city.
For further information please visit: https://Phygitalinternational.com
About the Games of the Future (GOTF):
The Games of the Future is an annual international event that fuses the worlds of physical and digital and is the pinnacle of phygital sport. The tournament brings together the next generation of phygital sporting heroes from all over the world to compete in a diverse range of phygital disciplines and challenges. The Games of the Future 2025 will be held in Abu Dhabi, UAE while the Games of the Future 2026, will be held in Astana, Kazakhstan.
For more information please visit: https://gofuture.games/
Contact: press@phygitalinternational.com
Global fans to experience the Games of the Future like never before as MOBA PC.Dota 2 competition kickoffs in Abu Dhabi
DUBAI, UAE, Dec. 13, 2025 /PRNewswire/ -- Phygital International, the global promoter of phygital sports, today announces the official launch of the GOTF OTT Platform, the dedicated streaming destination for the Games of the Future 2025 Abu Dhabi powered by ADNOC (GOTF 2025). The platform goes live as this year's competition begins, with its first broadcast featuring the opening rounds of the MOBA PC.Dota 2 discipline on 14 December from Pixoul Gaming in Abu Dhabi.
Accessible at https://tv.gofuture.games, the new streaming hub serves as the central digital home for live broadcasts, full-event replays, highlights, and exclusive behind-the-scenes content spanning all GOTF 2025 disciplines.
Designed for global accessibility and year-round engagement, the platform enables fans everywhere to watch every match live, revisit full replays at any time, and enjoy curated short-form content optimized for social and mobile viewing.
Powered end-to-end by technology partner Asport, the GOTF OTT Platform integrates advanced cloud-based broadcasting, seamless navigation, and real-time highlight creation tools to elevate the fan experience. These capabilities support richer storytelling across all channels and establish tv.gofuture.games as the long-term digital home of phygital sport.
Moba PC.Dota 2 competition to launch platform
The launch coincides with preparations for a spectacular start to the Games, as the MOBA PC.Dota 2 competition brings together iconic players, celebrated legends, and rising regional stars for what promises to be one of the most competitive line-ups in the event's history. All matches from the discipline will stream live on https://tv.gofuture.games.
Teams set to compete include E7, Paper Tigers, Legends Rebooted, Vikings, Team Phoenix, Nigma Galaxy, Win and TraBoTeam each bringing a distinctive mix of elite pro players and influential gaming personalities. One of the leading competitors will be Xu "BurNIng" Zhilei, who will be playing in team Paper Tigers and who iswidely regarded as one of the greatest carry players in Dota 2 history.
With such a stacked international field, fans can expect clashing playstyles, unpredictable upsets, and fresh rivalries, setting the stage for one of the headline showpieces of GOTF 2025.
Following the opening Group Stage, the competition advances into a full double-elimination playoff bracket, culminating in high-stakes best-of-three clashes on 18–19 December at ADNEC, where teams will fight for a place in the final and a shot at international glory.
Commenting on the launch of the platform, Nis Hatt, CEO of Phygital International, said: "The GOTF OTT Platform marks a major milestone in our mission to bring phygital sport to a global audience. This world-class digital destination showcases the energy, innovation, and inclusivity at the heart of the Games of the Future. As Dota 2 opens the competition tomorrow, we're excited to offer millions of fans a new way to experience every moment of this year's Games live."
Growing network of global broadcast partners
In addition to the GOTF OTT Platform, fans can follow the Games of the Future Abu Dhabi 2025 powered by ADNOC across a growing network of international media rights and broadcast partners, ensuring fans around the world can catch all the action.
In the United States, coverage will be available via ESR TV, the leading gaming and esports network reaching mainstream audiences through platforms such as Apple TV, Sling, and Amazon Prime Video Channels. Across Latin America, FOX Sports Mexico and Zapping will deliver both English and Spanish-language broadcasts across the region.
On mobile-first platforms, Bigo Live will act as an interactive real-time streaming hub, offering live competition windows, creator-led co-streams, and fan-generated reactions. With strong Gen-Z and global creator adoption, Bigo Live brings the Games directly into participatory viewing culture. Complementing this, Likee will amplify the emotion and energy of GOTF 2025 through short-form video storytelling, transforming standout moments into shareable narratives.
These partners build on an already confirmed broadcast footprint that includes Sportworld and BIGG TV across EMEA, Huya and SOOP in Asia, and StarTimes and TV BRICS across Africa.
"With these major additions to our broadcast network, we take great pride in ensuring the Games of the Future Abu Dhabi 2025 powered by ADNOC are accessible to audiences worldwide. We are delivering a multi-regional, multi-generational platform that matches the scale and innovation of phygital sport," added Hatt.
Tickets for the Games of the Future Abu Dhabi 2025 powered by ADNOC are now on sale at www.gotfabudhabi.com. Fans can also follow all the latest updates and behind-the-scenes content on Instagram at @gamesofthefutureofficial and @gotfabudhabi.
About Phygital International (PI):
Phygital International is the promoter of phygital sports globally and is focused on innovating and redefining sports. It is the custodian and rights holder of the Games of the Future and oversees the bidding process for each host city.
For further information please visit: https://Phygitalinternational.com
About the Games of the Future (GOTF):
The Games of the Future is an annual international event that fuses the worlds of physical and digital and is the pinnacle of phygital sport. The tournament brings together the next generation of phygital sporting heroes from all over the world to compete in a diverse range of phygital disciplines and challenges. The Games of the Future 2025 will be held in Abu Dhabi, UAE while the Games of the Future 2026, will be held in Astana, Kazakhstan.
For more information please visit: https://gofuture.games/
Contact: press@phygitalinternational.com
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Official streaming platform for the Games of the Future Abu Dhabi 2025 powered by ADNOC launches ahead of opening competition
Official streaming platform for the Games of the Future Abu Dhabi 2025 powered by ADNOC launches ahead of opening competition
