Bybit Launches US Stock Trading as ZachXBT Traces $12M From 2025 Hack
Bybit launched trading in over 1,000 US stocks and ETFs using USDC, while blockchain investigator ZachXBT traced $12 million from the exchange's $1.5 billion 2025 hack.
Why it matters
The stock trading launch marks a significant expansion of a major crypto exchange into traditional equity markets, blurring the line between digital asset and conventional brokerage services. The ZachXBT investigation demonstrates that on-chain tracing can penetrate sophisticated laundering networks months after a major theft, with implications for recovery efforts and sanctions enforcement against North Korean-linked actors.
Key facts
Bybit launched trading in more than 1,000 US-listed stocks and ETFs for eligible global users with purchases settled in USDC
1,000 securitiesReported by CryptoSlate
Alpaca Securities LLC executes orders and provides clearing, settlement and custody for the stock trading service
Reported by Finance Magnates Crypto
Customers receive an economic interest in the underlying securities rather than derivatives or synthetic exposure
Reported by Finance Magnates Crypto
Ben Zhou linked the stock trading launch to Bybit's New Financial Platform strategy announced in January
Reported by Finance Magnates Crypto
Bybit claims more than 80 million users worldwide
80,000,000 usersReported by Finance Magnates Crypto
ZachXBT spent 349,700 USDC infiltrating a Chinese laundering network and traced over $12 million linked to the 2025 Bybit hack
349,700 USDCReported by CryptoSlate
North Korean Lazarus Group stole approximately $1.5 billion from Bybit in February 2025
1,500,000,000 USDReported by CryptoSlate
Tether froze 442,000 USDT linked to the Bybit hack following ZachXBT's investigation
442,000 USDTReported by CryptoSlate
What happened
Bybit began offering eligible global users access to more than 1,000 US-listed stocks and ETFs including Apple, Nvidia, Tesla and the Invesco QQQ ETF, with purchases settled in USDC through Alpaca Securities LLC which holds the shares in custody. The service provides fractional shares, zero commissions and 24/5 trading, giving customers an economic interest in the underlying securities rather than derivative exposure. Separately, pseudonymous investigator ZachXBT reported spending 349,700 USDC to infiltrate a Chinese laundering network and trace over $12 million linked to the February 2025 Bybit hack attributed to North Korea's Lazarus Group, which stole approximately $1.5 billion. His work reportedly contributed to Tether freezing 442,000 USDT. Bybit framed the stock launch as part of its 'New Financial Platform' strategy announced in January, while also running a 150,000 USDC promotional campaign through October 31.
How the story developed
- First report
First report by CryptoSlate
Stealing $1.5B in crypto is easy, cashing out is the trap
- Update
North Korean Lazarus Group hacks Bybit for approximately $1.5 billion
February 2025 theft attributed to North Korean state-backed hackers
- Update
CryptoSlate publishes ZachXBT investigation detailing $12 million trace from Bybit hack
Investigator infiltrated laundering network with 349,700 USDC
- Official statement
Bybit launches US stock trading service with 1,000+ securities and 150,000 USDC promotional campaign
Service goes live with Alpaca custody, fractional shares, zero commissions
- Independent corroboration
Independently corroborated by Finance Magnates Crypto
Crypto Exchange Bybit Moves From Stock CFDs to Real US Shares
- Official statement
Bybit announces New Financial Platform strategy adding banking and custody
January 2026 roadmap for multi-asset platform expansion
- Official statement
Official statement from Bitcoin.com News
Bybit Brings 1,000+ US Stocks and ETFs Into Crypto Trading Accounts
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 10 Oct 2026, 12:00 UTC: CryptoSlate — 1 independent source, 1 reports
- 12 Oct 2026, 07:59 UTC: Finance Magnates Crypto, Mainstream media — 2 independent sources, 2 reports
- 12 Oct 2026, 11:31 UTC: Crypto.News — 3 independent sources, 3 reports
- 12 Oct 2026, 12:02 UTC: The Daily Hodl — 4 independent sources, 4 reports
- 12 Oct 2026, 12:52 UTC: Bitcoin Insider — 5 independent sources, 5 reports
- 13 Oct 2026, 02:30 UTC: Bitcoin.com News, official — 6 independent sources, 7 reports
- 14 Oct 2026, 10:38 UTC: Finbold — 7 independent sources, 10 reports
Affected entities
Also mentioned: Kraken, JPMorgan, Nasdaq, Coinbase, Tether USDt, Binance, Bitcoin
Original sources
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