Article source: Bybit

Bybit, the world’s second-largest cryptocurrency trading platform by trading volume, successfully responded to the largest hacking attack in the history of cryptocurrency with excellent resilience and professionalism. On February 21, 2025, hackers stole approximately $1.5 billion in digital assets from Bybit’s Ethereum wallet, setting the largest cryptocurrency theft in history. Despite such unprecedented attacks, Bybit’s rapid and transparent crisis management ensured market stability and did not trigger drastic price fluctuations.

Respond to crises quickly

Bybit’s response demonstrated high standards of speed, transparency and professionalism. After the incident, Bybit co-founder and CEO Ben Zhou spoke to the community through the X platform within 30 minutes and started a live broadcast within one hour to communicate with users for up to two hours, explaining the details of the incident in detail, providing instant progress updates. This timely and open information release effectively curbed market panic, maintained investors ‘trust in Bybit, and set a new benchmark for crisis management in the encryption industry.

During the entire incident processing, Bybit’s cash withdrawals and various products and services were not affected. Users were always able to access their accounts normally and contact customer support and exclusive account managers at any time. This efficient and seamless service guarantee fully demonstrates the team’s ability and professionalism under extreme pressure.

The industry is united and fully supports Bybit

In this incident, the encryption industry showed an unprecedented spirit of unity. Many major exchanges around the world acted quickly to block hacker wallet addresses and prevent the further flow of stolen funds. This kind of inter-industry cooperation not only highlights the maturity of the encryption industry, but also shows that in the face of security threats, competitors can work together to maintain the security and stability of the industry ecosystem.

Customer asset protection

Despite the scale of the attack, Bybit has always adhered to a 1:1 reserve guarantee to ensure that all customer assets are intact. Zhou Biren promised that Bybit has sufficient financial strength to cover the loss and emphasized that all customer assets are fully reserved at a 1:1 ratio. This commitment not only reflects Bybit’s strong financial soundness, but also once again confirms its firm commitment to the security of user assets.

Work closely with regulatory agencies and law enforcement agencies

Bybit quickly worked with regulators and law enforcement around the world to track down stolen funds and take legal action. This cooperation not only speeds up the response, but also sets a new example for the future collaboration between the crypto industry and regulators. As the investigation deepens, the incident is expected to drive improved industry safety standards and may lead to a more robust regulatory framework.

Quickly resume operations

Bybit demonstrated strong adaptability and efficiently processed more than 350,000 withdrawal requests within 12 hours after the hacking occurred. Despite centralized withdrawals by users, Bybit still ensured that all transactions were completed smoothly without major delays, fully demonstrating the team’s professionalism and experience in crisis response. Just 24 hours later, Bybit’s operations fully returned to normal, and user transaction activity returned to pre-incident levels. This rapid recovery process fully demonstrates the high trust of users and investors in Bybit’s crisis management capabilities.

Bybit’s response to this hacking incident has set a new standard for crisis management in the encryption industry. Turning potential catastrophic events into a display of resilience and transparency fully proves that Bybit has always upheld a corporate culture of responsibility and openness. This incident not only demonstrated Bybit’s excellent operational capabilities, but also demonstrated the increasing maturity of the encryption industry and the unity and collaboration between industries.

This article is from a submission and does not represent the views of BlockBeats.