Ben Zhou, Bybit’s CEO, says cryptocurrency exchanges should treat attacks as inevitable and build multiple layers of protection to limit the consequences of a breach. His approach follows the theft of more than 401,000 ETH, worth approximately $1.5 billion, from Bybit’s Ethereum cold wallet on February 21, 2025. Bybit covered the full loss using corporate reserves, processed more than 350,000 withdrawal requests within 72 hours, and kept trading and withdrawals operating. The exchange has since expanded its security measures with enhanced multisignature wallets and AI-assisted monitoring, which has blocked more than $700 million in suspicious transactions. Zhou argues that users should focus on how an exchange responds to an incident rather than assuming it will never be hacked.
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