Bybit CEO Ben Zhou says exchanges should assume hacks will happen

The executive whose exchange absorbed an approximately $1.5 billion theft argues survival depends on layered defenses, not perfect ones Bybit CEO Ben Zhou has a blunt message for his fellow exchange operators: stop planning around the idea that you won’t get hacked. Zhou said exchanges should treat attacks as a given and build multiple layers of protection, so that when something breaks, the damage stays contained and the business survives. From breach victim to security evangelist On October 20, 2026, Zhou said exchanges must assume attacks will definitely occur. He said they need to construct protections built specifically to keep customer assets safe. The timing also matters. On October 29, 2026, amid reports of security incidents at Binance, Bybit confirmed it was unaffected. The exchange told users their assets remained secure. The $1.5 billion lesson Zhou’s views on preparedness were not formed in a vacuum. On February 21, 2025, Bybit lost approximately $1.5 billion, more than 401,000 ETH, from its Ethereum cold wallet. A cold wallet is supposed to be the safest place an exchange keeps funds. It is storage kept away from the constantly connected systems that handle day-to-day...