Hacks That Strengthened Crypto: Responses That Build a Safer Future For All

Security breaches have shaped the cryptocurrency industry for over a decade, forcing exchanges to evolve, users to become more cautious and regulators to tighten their oversight. From the infamous Mt. Gox collapse to a Binance security breach and FTX’s rapid downfall, history has shown that, while no platform is immune to threats, those that respond swiftly and transparently can emerge stronger than ever.

Bybit recently faced a security incident in which $1.4 billion worth of ETH and stETH were compromised, and while any breach is a serious concern, our rapid response and transparency set us apart from past incidents of crypto security breaches. Unlike the FTX collapse, in which billions of dollars disappeared in mere hours due to mismanagement, Bybit immediately secured its assets, froze affected wallets and maintained full platform operations. Funds remain backed 1:1, and users can continue to trade, withdraw and deposit without disruption.

Looking at past events, we can understand how crypto security has evolved, what lessons were learned and the next steps the industry must take in order to ensure a safer future.

Key Takeaways:

• On Feb 21, 2025, Bybit experienced the crypto world’s largest hack of $1.4 billion worth of ETH and stETH, sending the entire industry into a frenzy. However, CEO Ben Zhou’s quick response in addressing the issue has made even bigger headlines, garnering the support and praise of partners and users worldwide. 

• Bybit’s immediate action in isolating the attack, securing user funds and maintaining full platform operations helped prevent further market disruption, reinforcing trust in its exchange and the broader crypto ecosystem. 

• Explore the major crypto hacks that have occurred throughout the years, and learn more about Bybit’s response to this recent hack.