Bybit Crisis Management Gold Standard Playbook
$1.5B HACK—BUT BYBIT DIDN’T FLINCH.
Most CEXs fumble in a crisis and worse still, froze withdrawals. Bybit didn’t.
Within minutes of the biggest hack since Mt. Gox, @benbybit and the Bybit team took control, keeping withdrawals open while securing liquidity.
Here’s how they turned disaster into dominance 🧵👇
Here’s what they did right:
1️⃣ Immediate Action – Ben went live within 2 hours of the attack, providing real-time updates.
2️⃣ No Withdrawal Halts – Despite pressure, Bybit kept withdrawals running, processing 350K+ requests in 12 hours.
3️⃣ Funds Secured – Confirmed Bybit Treasury can cover losses, securing an 80% committed loan for ETH.
4️⃣ Community & Partners – Massive support from ecosystem players like @Tether_to, @bitgetglobal, @solana & more.
Strong leadership. Transparent communication. 💪
Now into the details.
1️⃣ Instant CEO Leadership
Ben didn't do any PR fluff. No silence.
He was live within 30 minutes.
• Answered tough questions head-on
• Debunked misinformation in real-time
• Reinforced 1:1 asset backing & withdrawal safety
https://x.com/benbybit/status/1893102137711960486
2️⃣ Withdrawals NEVER Stopped
• Despite $5B outflows, Bybit kept its doors open.
• 350K+ requests processed in 12 hours.
• No withdrawal pauses. No liquidity issues. No delays.
Compare this to FTX, Celsius, and others...even Coinbase could delay withdrawals for more than 8hrs.
3️⃣ Concrete, No-BS Updates
Communication was on point and 100% clear. No such thing as “we’re investigating.”
Instead, Bybit dropped hard numbers & timelines:
✅ 401K ETH stolen from cold storage
✅ 4,000 withdrawals pending—prioritized
✅ Secured 80% of needed liquidity within hours
They killed the FUD before it even got to people to begin talking about it.
4️⃣ Livestream Crisis Comms
Bybit didn’t hide behind statements but what they did impressed me. They went LIVE on X and YouTube:
• Real-time updates, no pre-recorded scripts
• Holding slides kept viewers informed
• Updating Bybit funds movement
https://x.com/benbybit/status/1893116807487332503
5️⃣ Owning the Security Breakdown
Most companies blame others.
Bybit didn’t:
• Named Gnosis Safe as the point of breach
• Explained their multisig security process
• Framed the attack as sophisticated, not negligence
Transparency wins trust.
6️⃣ Calling Out the Hackers
Bybit knew the attackers were watching.
So they called them out.
• Highlighted how hard cashing out would be
• Even left the door open for negotiations
• Worked with partners to enforce strict withdrawals
https://x.com/benbybit/status/1893199498966638630
7️⃣ Industry Support = No FTX 2.0
Bybit didn’t face this alone and even got their biggest competitors to step in for help:
✅ @binance & @bitgetglobal loaned ETH to bolster liquidity
✅ @Tether_to, @solana & more reaffirmed confidence
https://x.com/benbybit/status/1893295934857191789
8️⃣ Stress-Tested Leadership
Ben stayed calm, even tracking his low stress levels on a wearable. 😂
His team were all hands on deck, globally, grinding through crisis mode.
Some even gone back to office just after they were preparing to sleep.
https://x.com/benbybit/status/1893141031342035411
9️⃣ Proof of Strength and Reserve
Bybit used this moment to remind the industry the importance of:
✅ 1:1 asset backing = no solvency risk
✅ Instant liquidity solutions = no withdrawal pauses
✅ Reserves intact = no bailout needed
https://x.com/benbybit/status/1892969284587966869
🔟 The Bottom Line
Many thought this would be FTX 2.0. Instead, Bybit set a new gold standard for crisis management.
• No panic.
• No hiding.
• No excuses.
Other exchanges, please take notes. 📖
Respect to @benbybit & @Bybit_Official.
This is how you handle a $1.5B hack in a no stress mode.