On March 15, from 10:06PM UTC, the Bybit BTCUSD0625 Futures Contract experienced a series of wicks due to irrational trading behavior from a compromised institutional market maker account. The security of the Bybit trading system and other Bybit accounts remained intact. The Bybit team acted swiftly to address the issue and forestall further irregularities, and have contained the problem as of 03:00AM UTC, March 16.
What happened: A institutional market maker who trades on Bybit had their account compromised. The security of the Bybit trading system and other Bybit accounts remained intact. Bad actors carried out irrational trading actions on Bybit’s new BTCUSD0625 Futures Contract, using the sizable equity in the compromised account to place large leveraged orders.
What was the impact: Irregularly large price gyrations occurred as a result during the 10:06PM, 10:10PM, 10:11PM and 10:28PM candles. A number of Conditional Orders (including TP/SL orders) set to Last Traded Price were triggered.
What Bybit is doing about it: Bybit has insulated the problematic account and halted its withdrawal requests. The prices in the BTCUSD0625 Futures Contract have since stabilized. Bybit will continue the investigation into the affected accounts, and compensate all those who were unfairly impacted. Bybit will improve liquidity on the new Inverse Futures Contracts to help prevent similar incidents from happening. A Futures Contracts giveaway promotion scheduled to go live has been postponed for four hours to ensure the experience our customers expect and deserve in a safe trading environment.
How Bybit can help you: Bybit is committed to creating a fair, transparent and efficient trading environment. We constantly listen, care and improve to provide our users with the industry’s safest, fastest, fairest and most transparent trading experience. Please do not hesitate to reach out to our 24/7 multi-language customer support if you are impacted by this incident or have further queries.