Bybit Shuts Down Its NFT Marketplace Amid Market Decline and Security Concerns

Bybit exchange has announced the shutdown of its NFT marketplace, with operations set to cease on April 8.

Users are advised to withdraw their assets before this deadline.

In addition to the NFT marketplace, the exchange is also terminating the Inscription Marketplace and the IDO platform. This decision is part of the company’s efforts to streamline its services.

NFT trading volumes have plummeted by 90% since their peak in 2021.

On February 21, Bybit fell victim to a hacking incident involving approximately $1.46 billion. According to the FBI, the breach was linked to a group of cybercriminals from North Korea known as the Lazarus Group.

Meanwhile, on March 31, the NFT trading platform X2Y2 announced its decision to completely cease operations.