Join Ben Zhou, Co-founder and CEO of Bybit, one of the world's largest crypto exchanges, as he recounts his experience navigating a staggering $1.5 billion Ethereum hack. Hear about his rapid crisis response, featuring 350,000 withdrawals processed seamlessly, and the emphasis on client trust through transparent communication. Ben discusses the vital importance of self-custody for asset protection and introduces HackBounty.com, a platform aimed at improving accountability in crypto theft recovery. Tune in for crucial insights on crisis management in the ever-evolving crypto landscape.
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question_answer ANECDOTE
The Call
Ben Zhou received a call from his CFO informing him of a hack.
After a series of questions, he learned the hack amounted to $1.5 billion in Ethereum.
volunteer_activism ADVICE
Self-Custody Your Crypto
Learn how to self-custody your crypto assets using a cold storage wallet.
This protects your crypto from theft and gives you peace of mind.
volunteer_activism ADVICE
Control Your Narrative
Take control of PR during a crisis; don't delegate it.
Communicate transparently and directly with your audience to build trust.
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In this episode, I sit down with Ben, CEO of Bybit, just days after the exchange suffered a $1.5 billion Ethereum hack. Ben provides a detailed breakdown of their 72-hour crisis response, revealing how they managed 350,000 withdrawals without halting operations, all while securing replacement funds.PARTNERS💳 Trezor is the safest cold storage wallets for crypto security and financial independence.Buy your Trezor Wallet (use PROMO Code from the video for a 10% discount): https://trezor.io/?transaction_id=1026f18ed46409e495c6db4bff90ab&offer_id=133&affiliate_id=35356🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana.https://jup.ag/🌱 Bitwise Asset Management is the crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more.💧Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed to make digital asset ownership fast, private, secure, and accessible.https://sui.io/🤖 SwissBorg is Europe’s top trusted crypto app offering user-centric investment platforms and DeFi asset management with reliability and innovation.Sign up with this link and earn up to €100 : https://join.swissborg.com/r/kevinH6E7♾ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com🔘 Mantle Network enhances dApp development with Ethereum's security, low fees, and quick transactions through innovative layer-2 technology. Users can stake ETH for mETH, contributing to a transparent, community-driven ecosystem governed by $MNT token holders, fostering innovation and collaboration.https://www.mantle.xyzFOLLOW BEN ZHOU & BYBIT• Twitter: https://twitter.com/benbybit• LinkedIn: https://www.linkedin.com/in/ben-zhou-b979ba28• Instagram: https://www.instagram.com/benbybit• Twitter: https://twitter.com/Bybit_Official• Instagram: https://www.instagram.com/bybit_official/FOLLOW KEVIN & WHEN SHIFT HAPPENS👇Twitter (X): https://x.com/KevinWSHPod Instagram: https://www.instagram.com/kevinwshpod/ TikTok: https://www.tiktok.com/@kevinfollonier_Linkedin: https://www.linkedin.com/in/kevinfollonier/Website: https://www.podpage.com/when-shift-happens/DISCLAIMERThe info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.0:00 Trailer1:35 Please Subscribe2:00 Jupiter Sponsorship2:08 Bitwise Sponsorship2:21 Sui Sponsorship2:32 Mantle Sponsorship2:46 Bouncing Back in Three Days4:50 The Fastest Crypto Comeback6:58 The Secret to Laser Focus7:56 How to Handle a $1.5B Hack15:21 Trezor Sponsorship16:13 How to Handle a $1.5B Hack16:35 Judgment vs. Procedure: Making the Right Call18:33 Why I Don’t Feel Stress21:47 Handling PR in a Crisis25:13 Ethereum Shortage: Restoring Stability29:12 What’s a Great Leader?33:14 The Only Thing That Stresses Me34:48 Biggest Fear: Not Knowing My Limits35:50 The Only Time I Stop36:25 Most Stressful Moment37:44 The Next Steps After a Crisis41:01 How Long to Rebuild?41:46 Buying Back 400,000 ETH43:45 Why Cutting Corners Kills Companies47:53 Investing in a World-Class Team52:06 Why Bybit Never Launched a Token55:04 Rebuilding Trust After a Crisis56:31 Lessons in Crypto Wallet Security58:45 The Future of Crypto Self-Custody1:05:03 ETFs vs. Exchanges: Security Risks1:07:13 Bybit’s Assets Before & After Hack1:08:50 The Future Is On-Chain1:11:03 Crypto’s Image Problem1:13:32 Key Lessons and Unexpected Regrets1:17:21 Message to Future Entrepreneurs1:18:18 Why Crypto Hackers Keep Winning1:22:04 Hackbounty