Bybit is saying goodbye to its NFT and IDO services after getting hit with a staggering $1.5 billion hack—one of the largest in crypto history. The exchange is shutting down its NFT marketplace, IDO offerings, and inscription-based services starting April 8, 2025.
While the company says it’s streamlining operations, the timing is no coincidence. The hack, allegedly carried out by North Korean cybercriminals, has cast a long shadow over Bybit’s Web3 ambitions.
Bybit is urging users to move their assets before the cutoff. For those still active in NFTs, the exchange recommends OpenSea, Blur, Magic Eden, and Unisat as go-to alternatives. If you participated in any IDOs, make sure to transfer your airdropped tokens out of Bybit’s Web3 Cloud Wallet ASAP.
Massive Breach, Major Consequences
In February, Bybit was the victim of a high-profile exploit that drained nearly $1.5 billion in digital assets. CEO Ben Zhou claims they’re tracking the funds, but most reports suggest much of it has already been laundered through crypto mixers.
Between increased regulatory heat and shaken user confidence, pulling back from NFTs and IDOs looks like a defensive move. It’s all about damage control and protecting what’s left of their liquidity.
Bybit Isn’t Alone—NFT Winter Is Still Here
Bybit’s retreat adds to a growing trend. Other major players are exiting the space as the NFT hype cools off:
- LG’s Art Lab (shutting down June 17)
- Kraken’s NFT platform (closed early 2024)
- Nike’s RTFKT (folded in late 2023)
In February alone, NFT trading volume fell by 60%—a far cry from the $3.24 billion peak in 2021. Even with a minor rebound last year, the market is still struggling.
A Small Win Amid the Chaos?
There’s at least one bright spot. The SEC officially ended its probe into OpenSea, which had been accused of acting like an unregistered securities exchange. That’s one less regulatory cloud hanging over the space.
Still, for companies like Bybit, the risks—from hacks to legal scrutiny—seem too high right now. And as the dust settles, it’s becoming clear that only the strongest players will survive this NFT shakeout.
