The Wolf Of All Streets 🚨 LIVE w/ BYBIT CEO: The Inside Story You Need to Hear! | Crypto Town Hall
Feb 22, 2025
Ben, the CEO of Bybit and a key figure in navigating recent crypto crises, discusses the company's response to a $1.4 billion security breach. He highlights the challenges of managing client trust and liquidity during the fallout. The conversation also covers the complexities of fund transfers within crypto wallets and the proactive measures taken to ensure security. Ben emphasizes the importance of transparency and community engagement in recovering lost funds and maintaining blockchain integrity amidst rising concerns.
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The Phone Call
- Ben Zhou received a call from his CFO, who was very shaken, informing him of a potential hack.
- The CFO revealed that not just the 30,000 ETH they were moving, but all of the Ethereum, worth $1.5 billion, was gone.
Three-Wallet System
- Bybit uses a three-wallet system: hot, warm, and cold, for added security.
- The warm wallet adds an extra layer of isolation and requires manual admin approval for transactions.
Crisis Management
- In a crisis, focus on the next steps and actions rather than dwelling on the loss.
- Implement security protocols immediately and prioritize client communication.