Bybit shuts down NFT and IDO platforms

The closure of NFT services follows a $1.5 billion hack and declining NFT market volumes.

Bybit will close its NFT and IDO platforms on 8 April 2025, following a major security breach.

Bybit, one of the largest cryptocurrency exchanges, has announced the discontinuation of its NFT marketplace. The platform will also shut down its Initial DEX Offering (IDO) product pages.

The decision comes shortly after the platform suffered a devastating security breach in February 2025. During the breach, it lost approximately $1.5 billion to North Korean hackers.

Although Bybit has cited ‘efforts to streamline our offerings’ as the reason for the shutdown, many believe it is a direct consequence of the hack and subsequent security concerns.

The discontinuation will take effect on 8 April 2025, at 16:00 UTC. Users have been urged to manage their assets before the deadline.

The exchange provided alternative NFT trading platforms, including OpenSea, Blur, and Magic Eden, for Ethereum-based assets. IDO participants have also been advised to transfer their airdropped tokens to private Web3 wallets.

The platform’s decision to shut down its NFT and IDO services is seen as a move to mitigate further risks and potential compliance issues. Bybit’s shutdown follows a broader trend in the NFT market, where many platforms have closed.

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