In February 2025, Bybit suffered one of the largest thefts in crypto history: roughly $1.5 billion in ETH was taken from one of its cold wallets in an attack attributed to North Korea’s Lazarus Group. The exchange covered customer balances and kept withdrawals running, but the episode reminded everyone that exchange balances carry risks you do not control. Whether you are moving long-term savings to a hardware wallet or just paying someone from your Bybit balance, this guide explains how a Bybit withdrawal works, how to pick the network, how to avoid the common mistakes and what to do if a withdrawal is stuck.
For a deeper guide to setting up self-custody itself — wallets, seed backups, testing — see moving crypto from Binance to self-custody; the wallet side is identical.
Where your coins sit on Bybit
Bybit organises balances into accounts, typically a Funding account (deposits, withdrawals, P2P) and a Unified Trading account (spot, derivatives). Depending on your account setup and the current interface, you may need to transfer assets into the account that the withdrawal page draws from before they can be withdrawn. Internal transfers between your own Bybit accounts are instant and free. Open positions and margin requirements can lock part of a trading balance — close or reduce positions before withdrawing what they use.
Before your first withdrawal
Choosing the network
The withdrawal page asks for the coin, the network and the address. The network must match your wallet address:
| You hold | Your wallet address | Network to choose |
|---|---|---|
| BTC | bc1… | Bitcoin (BTC) |
| ETH | 0x… on Ethereum | Ethereum (ERC-20) |
| USDT for a TRON wallet | T… | TRON (TRC-20) |
| USDT for an EVM wallet | 0x… | The exact EVM network your wallet watches: Ethereum, BNB Smart Chain, Arbitrum… |
| SOL / USDC on Solana | Base58 | Solana |
The fee is a flat amount per network set by the exchange, and minimum amounts differ. For USDT, TRON and other low-cost networks usually have lower withdrawal fees than Ethereum. Compare typical costs with the network fee comparison, and validate the address format with the address validator.
Memo / tag: when withdrawing to your own wallet, most coins do not need one. If the destination is another exchange, copy the memo or tag it shows — XRP, TON, ATOM, XLM and some others often require it.
Step by step
For a first withdrawal to a new wallet, send a small test amount first. It costs one extra fee and eliminates the most expensive mistakes.
How long does a withdrawal take?
Two parts: the exchange’s processing (risk checks, batching, hot-wallet signing) and the blockchain’s confirmations. Processing is usually minutes, sometimes longer for large amounts or new addresses. On-chain, TRON and Solana transfers finalise within about a minute, Ethereum within minutes, Bitcoin needs 10 minutes per block on average with real variance. The confirmation time estimator gives realistic ranges.
“Withdrawal pending” or “completed but not received”
Status pending or processing. The exchange has not broadcast the transaction yet. Common reasons: a security review (new device, new address, unusual amount), network maintenance on that chain, or a batch waiting to be sent. Wait for the stated time; contact support if it is exceeded.
Status completed, but nothing in the wallet.
Sent to the wrong network. If the destination address belongs to you on another EVM network, the same keys control it there — add the network to your wallet. If it went to an exchange that does not support that network, contact that exchange with the transaction ID; recovery is sometimes possible, never guaranteed.
Lessons from the 2025 hack
The Bybit theft did not happen because customers did anything wrong. It came through the signing process for an exchange cold wallet. Two takeaways for individuals:
After the withdrawal: managing coins outside the exchange
Your coins are now under your control. You can hold them, send them, or swap them without returning to an exchange. A no-account swap converts one coin into another from wallet to wallet — for example USDT to BTC for long-term savings or USDT to SOL for Solana apps. Keep a small amount of each network’s native coin for future fees.
Track what you moved and where it sits. The free portfolio tracker spreadsheet has a “where held” column and a transactions sheet — handy when you later need to show the origin of funds or calculate gains.
Taxes
Moving coins from Bybit to your own wallet is a transfer, not a sale, and normally not taxable. Export your Bybit trade history regularly anyway; you will need your purchase prices when you sell, and platform access can change. The tax lot calculator imports a simple CSV of buys and sells.
Withdrawing to another exchange instead of a wallet
Sometimes the destination is not your wallet but another platform. The rules are the same, with two additions. First, copy the deposit address and network from the destination platform every time — some platforms rotate deposit addresses. Second, copy any memo or tag exactly; shared deposit addresses rely on it to credit your account. If the destination accepts several networks, choose the one with the lowest withdrawal fee on Bybit that the destination also lists.
Example: moving 2,000 USDT to a hardware wallet
You hold 2,000 USDT on Bybit and a hardware wallet with a TRON app installed. You add the wallet’s T… address to the Bybit address book with the label “Ledger TRON”, wait out any new-address lock, and withdraw 20 USDT on TRC-20 as a test. Once it shows in the wallet and on the TRON explorer, you withdraw the rest. You also withdraw a few TRX, because sending USDT from that wallet later will need TRX for energy. Total cost: two withdrawal fees and a few minutes of your time — a small price for certainty.
Checklist
A withdrawal is a few minutes of work. Doing it carefully — right network, tested address, verified signing — is what keeps your coins safe once they leave the exchange.