Russia Emerges as Leading Traffic Source for Bybit in February

In February 2025, Russian users accounted for 29% of the total traffic to the cryptocurrency exchange Bybit, as reported by journalist Colin Wu.

Other platforms popular among Russians include Deribit at 10% and KuCoin at 5%. Activity on Deribit is partly linked to the platform’s announcement of terminating services for Russian clients in compliance with sanctions, requiring funds to be withdrawn by March 29.

Overall, traffic to major CEX websites fell by 20% compared to January. HTX showed the largest increase in visits at 45%, while KuCoin experienced the most significant decline at -62%.

The spot trading volume of major CEXs decreased by 21% compared to January, with the poorest performances from Upbit (-46%), Crypto․com (-29%), and Kraken (-27%).

Derivative turnover fell by 17% compared to January.

Back in late February, Bybit faced a major hack resulting in a loss of $1.46 billion. According to the latest data, 77% of the stolen assets remain traceable, 20% have “disappeared into the shadows,” and 3% have been frozen.