Bybit Hits 70 Million Users, Prioritizes Transparency and Institutional Expansion

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has reached a major milestone, announcing over 70 million registered users globally.

Ben Zhou, co-founder and CEO of Bybit, hailed the achievement as a sign of deepening trust in the platform.

“Reaching 70 million users is more than a number, it’s a testament to the trust our global community places in us,”

Zhou said.

He reaffirmed Bybit’s commitment to building a transparent and accessible ecosystem grounded in regulatory compliance, institutional-grade infrastructure, and continuous innovation.

As part of its roadmap, Bybit is ramping up efforts in regulatory engagement, expanding its institutional offerings, and integrating real-world utility via Web3.

The exchange is also leveraging artificial intelligence to bridge traditional finance with the future of digital assets.

“We’re building the infrastructure for the next era of finance. By championing regulation, professionalism, and a relentless user-first approach, we’re shaping a safer, more inclusive, and more empowering financial future for all,”

Zhao stated.

Bybit’s Milestone Shadowed by $38M Crypto Seizure Tied to Record Hack

Bybit’s celebration follows closely on the heels of a major development in the aftermath of its record-breaking $1.4 billion hack.

On May 9, German law enforcement announced the seizure of €34 million ($38 million) in crypto assets from eXch, a swapping platform allegedly used to launder funds from the incident.

Authorities from the Federal Criminal Police Office (BKA) and Frankfurt’s prosecutor’s office also dismantled eXch’s servers, collecting over eight terabytes of data.

The platform reportedly handled $1.9 billion in crypto transfers without enforcing Anti-Money Laundering (AML) measures.

The seizure marks the third-largest crypto confiscation in German history and reinforces the urgent need for stronger oversight, a mission that Bybit appears increasingly committed to as it scales toward its next chapter.

Bybit CEO, Zhao, Details Lazarus’ Crypto Laundering Tactics 

On April 21, according to an update on X, Bybit CEO Ben Zhou warned that 27.6% of the Lazarus Group’s stolen crypto, estimated at 500,000 ETH, has “gone dark” and is no longer traceable on-chain.

“Funds are being funneled through mixers, then bridged across networks before landing on peer-to-peer and OTC platforms […] This makes them incredibly hard to trace or recover.”

Zhou wrote.

Zhou also revealed that 68.6% of the stolen funds remain traceable, while only 3.8% have been successfully frozen.

He emphasized the group’s sophisticated laundering strategy, which included a combination of privacy tools and cross-chain bridges.

The Lazarus Group initially used the Wasabi mixer to obfuscate Bitcoin transactions. From there, they moved the funds through CryptoMixer, Tornado Cash, and Railgun.

The complexity intensified when roughly 432,748 ETH, about 84.45% of the stolen Ether, was converted to Bitcoin using the Thorchain protocol. Nearly 67.25% of that was spread across more than 35,000 wallets.

On Ethereum, around 5,991 ETH (valued at $16.77 million) remains scattered in over 12,000 wallets. Investigators also traced 944 BTC (roughly $90.6 million) laundered through Wasabi alone.