Ben Zhou: Leadership Through Crisis in the $1.5B Bybit Hack

Crises reveal the true mettle of leaders. When cryptocurrency exchange Bybit suffered a devastating $1.5 billion security breach on February 21, 2025—the largest in crypto history—co-founder and CEO Ben Zhou faced the ultimate test of leadership. Rather than succumbing to the pressure of this unprecedented challenge, Zhou’s immediate action, transparent communication, and strategic crisis management helped navigate the platform through its darkest hour.

Who is Ben Zhou?

Ben Zhou co-founded Bybit in 2018, establishing it as one of the major cryptocurrency exchanges in the world. Before the security breach, Zhou had built Bybit into a trusted platform serving millions of users globally. His background in finance and technology positioned him to understand both the technical and business implications of such a catastrophic breach.

The Night That Changed Everything

Upon learning about the hack at 10 PM local time, Zhou chose action over retreat. Instead of retiring after an already exhausting workday, he embarked on what he later described as “the longest night of his life.” This pivotal evening involved:

• Conducting emergency meetings with the security team
• Coordinating with law enforcement agencies
• Responding to stakeholders’ concerns
• Developing an immediate action plan to address the breach

Zhou’s Crisis Management Strategy

Zhou’s response to the Bybit hack demonstrates several key aspects of effective crisis leadership:

Immediate Transparency

Within just 30 minutes of confirming the incident, Zhou took to X (formerly Twitter) to inform the community. This rapid acknowledgment prevented the spread of rumors and established Bybit as the authoritative source of information about the breach.

Clear Communication

Zhou hosted a comprehensive two-hour livestream just an hour after his initial announcement, providing detailed explanations of what had happened and answering questions in real-time. His communication was:

• Consistent, with regular updates on February 21-22
• Reassuring, emphasizing that client assets were fully backed 1:1
• Authentic, showing his personal involvement in the response

Operational Continuity

Despite the magnitude of the breach, Zhou ensured that Bybit remained functional. He emphasized in his communications that “All Bybit functions and products remain functional,” which helped maintain user confidence during the crisis.

All-Hands Response

Zhou mobilized his entire team, noting that “the whole team had been awake all night to process and answer client questions and concerns. ALL hands on DECK rest assured, we are here with you.” This demonstrated both leadership and solidarity during the crisis.

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Lessons in Crisis Leadership

Zhou’s handling of the Bybit hack offers valuable insights for leaders across industries:

1. Speed matters: Zhou’s immediate response prevented panic and demonstrated control
2. Transparency builds trust: His open communication about the situation reassured stakeholders
3. Personal involvement: Zhou’s visible leadership during the crisis reinforced confidence
4. Focus on solutions: Rather than dwelling on the breach, Zhou emphasized recovery and protection

Conclusion

The $1.5 billion hack on Bybit serves as an example of how terribly a company’s security can be compromised. However, the situation is made better by Ben Zhou’s crisis management strategy and response during and after the incident. The way he handled the situation with prompt action, clear communication, and methodical planning proved that efficient leadership can solve almost every problem. Looking forward, it is certain that Ben’s response towards this breach will be the guiding light for the future dealing of a crisis in the digital asset space, especially with how crypto continues to change.