The following is a guest post from George Godsal, Managing Director at REKT Partners.
It’s the number one fear of any crypto exchange: a massive hack. And in the case of Bybit, they have taken the dubious accolade of suffering the largest-ever hack in an industry blighted by hacking. Unsurprisingly, the scale of this breach at such a prominent exchange made immediate global mainstream news headlines, and has dominated crypto media and X for days.
But as the drama unfolded late last Friday evening Asia-time, a number of factors marked this as a very different kind of hack. First, the sheer size and audacity of successfully exfiltrating over 400,000 ETH—valued at around $1.5bn at the time—from the world’s second-largest crypto exchange.
Given the past performance of too many crypto businesses in times of crisis, moments like these often make me want to hide behind the sofa, fearing the inevitable car-crash communications response. But Bybit’s reaction—led from the sta
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