Bybit's Resilience: How Ben Zhou Guided Recovery After $1.5 Billion Hack

Bybit's Unyielding Journey in 2025

Bybit: As 2025 concludes, the crypto industry reflects on pivotal moments, including the maturation of perpetual DEXs and the mainstream adoption of stablecoins. However, a significant event that stands out is the Bybit hack.

In February 2025, Bybit, the fifth largest centralized exchange, experienced an unprecedented hack, losing over $1.5 billion in a single exploit. The attack was linked to the notorious Lazarus Group. Historically, such incidents resulted in the collapse of exchanges due to lost trust and regulatory pressures.

Despite the dire predictions, Bybit's narrative took an unexpected turn.

Ben Zhou's Leadership Amid Crisis

During the night of the hack, Ben Zhou, Bybit's co-founder and CEO, received a distressing call from his CFO. Instead of succumbing to panic, Zhou took decisive action. He assured users that Bybit would support them fully, even amidst fears of a bank run, stating, "We have enough tokens to give to the clients."

Zhou's resolve was not merely for show; it was a commitment to Bybit's survival. His background in retail FX and his focus on system reliability and customer support prepared him for such a crisis.

Zhou chose transparency and swift action, engaging with industry specialists like Chainalysis and TRM Labs to trace the stolen funds. He also invited the crypto community to aid recovery efforts through a public bounty.

Strategic Expansion and Innovation

Contrary to conventional crisis management, Bybit pursued aggressive growth. Zhou expanded operations to Kazakhstan, Vietnam, and India, and secured regulatory licenses in Dubai and Austria. Bybit also diversified its offerings, introducing trading in gold, commodities, oil, and FX, alongside launching ByReal, its decentralized exchange.

A Testament to Leadership

By the end of 2025, Bybit had over 80 million users and a trading volume of $7.1 billion, ranking fifth among cryptocurrency exchanges. This success was due to Zhou's refusal to let the hack define Bybit's future. His leadership ensured accountability, rapid recovery, and a commitment to users, setting a new standard in crisis management.

In the crypto world, 2025 will be remembered as the year Bybit survived a $1.5 billion hack, thanks to Ben Zhou's unwavering dedication.