ByBit CEO Ben Zhou Backs CZ’s Security Approach, Defends Withdrawal Decision

On February 22, ByBit CEO Ben Zhou publicly agreed with Binance founder Changpeng "CZ" Zhao’s stance on handling security breaches. Zhou stated that if a hacker had infiltrated ByBit’s internal system—such as compromising the withdrawal system or hot wallet—the platform would have immediately suspended all withdrawals to prevent further losses.However, Zhou clarified that the recent security incident did not involve ByBit’s internal infrastructure but rather targeted the exchange’s ETH cold wallet, which is secured via Safe (formerly Gnosis Safe). Since the attack was external and did not compromise internal systems, he made the decision to allow withdrawals and other platform functions to continue as usual.Industry-Wide Support Strengthens ByBit’s ResilienceZhou also expressed gratitude for the overwhelming support received from Binance, CZ, and other key industry players during the crisis. "During last night’s crisis, Binance and CZ, as well as many partners and industry leaders, stepped up to help, and we are deeply grateful," he stated.While acknowledging the significant impact of the attack, Zhou emphasized that ByBit remains strong and optimistic about the future. "This incident was a huge blow to ByBit, but the entire industry has shown the power of solidarity. I believe that from now on, everything will only get better," he concluded.The incident highlights the ongoing security challenges facing crypto exchanges and the importance of industry collaboration in mitigating risks and protecting user assets.