Bybit Becomes Latest Crypto Firm to Shutter NFT Marketplace

Written By Peter Smith

​Bybit, a prominent cryptocurrency exchange, has announced the closure of its NFT Marketplace, Inscription Marketplace, and Initial DEX Offering (IDO) product pages. This decision is part of a broader strategy to streamline the platform's offerings. Users are advised to manage their assets before the platform becomes inaccessible on April 8.​

This move follows a significant security breach in February, where hackers stole approximately $1.5 billion worth of Ethereum from Bybit's cold wallet, marking one of the largest crypto thefts to date. The FBI attributed the attack to North Korean-affiliated hackers. Despite the breach, Bybit's CEO, Ben Zhou, assured users that the exchange remains solvent and has taken measures, including securing emergency funding, to compensate for the stolen funds.

Bybit's exit from the NFT sector reflects a broader trend in the cryptocurrency industry, with several major platforms reevaluating their involvement in the NFT space amid declining trading volumes and security concerns.

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Peter Smith
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