That is a solid showing given what happened in February, when attackers made off with $1.5 billion worth of Ether after finding a hole in the exchange’s cold wallet setup.
The theft has been linked to North Korean actors by several sources, and it stands as one of the largest losses in crypto history.
Many firms that face breaches do not recover. Reports note nearly eight out of 10 projects hit by hacks never fully bounce back.
Bybit’s choice to keep withdrawals open and to honor user balances changed the math. That move reduced panic and kept liquidity flowing.
Trading volumes rose across multiple venues in 2025. CoinGecko’s research points out that six of the top 10 exchanges grew their yearly volume, and the total extra trades equaled about $1.3 trillion.
MEXC jumped sharply, reportedly rising 90% over the prior year, a gain blamed largely on aggressive zero-fee spot trading that pulled in high-frequency traders and new retail users.
The exchange’s leadership was visible. Ben Zhou, Bybit’s CEO, addressed customers on camera and promised the platform would cover losses and secure additional liquidity quickly.
Some of those promises were acted on behind the scenes, where external support was arranged to shore up funds.
Trust was not rebuilt overnight. It was rebuilt in small steps, transaction by transaction, and in public statements that reassured users their capital was safe.
The combination of keeping services running and having clear communication changed investor behavior.
Binance stayed the largest by a wide margin, with CoinGecko estimating about $7.3 trillion in annual volume. That massive figure hides a small drop from the prior year — a 0.5% decline — which analysts tied to a major liquidation event on October 10 that rattled markets.
Still, Binance’s user base was said to be over 300 million, and its ecosystem handles a vast range of products beyond spot trading.
Featured image from Pexels, chart from TradingView
