2025 Bybit hack – we’re clearly not in 2022 anymore
Last Updated on 23 February 2025 by CryptoTips.eu
It is striking to see this Sunday morning that panic has not taken over after the massive hack of the Bybit crypto platform. Prices of the largest crypto coins remain stable and no one is out there on social media claiming that he or she can no longer get their money from the platform.
That was quite different in 2022, when both Terra and Luna collapsed in May, only to be followed by FTX in November.
FTX
On November 7, 2022, it was announced that Sam Bankman-Fried’s FTX platform had stuffed his own company accounting with the platform’s FTT currency, of which it could ‘print’ an infinite number if you will. This resulted in a mild panic, which seemed to be averted 24 hours later when Changpeng Zhao, the CEO of Binance, announced that his platform was ready to acquire FTX.
However, that planned acquisition was canceled two days later after Binance’s accountants had gone through the books at FTX and raised quite a few concerns.
After that it went downhill very quickly. The value of the FTT currency completely collapsed and everyone withdrew their money from the platform.
However, just a few hours later that was no longer possible and thousands of the platform’s customers are today still waiting to get their money today (even though it looks likely they will indeed get that back one day). Meanwhile, Sam Bankman-Fried is serving a 25 year prison sentence.
Bybit
Very different at Bybit this week. After the hack, there was an immediate message from CEO Ben Zhou, who admitted that the platform had fallen victim to a hack but that everyone’s funds were safe. This quickly created confidence in the market. Zhou followed up a few hours later with a livestream in which he calmly answered all questions. Although Bybit had to process some 5 billion in withdrawals, there was no panic at any time.
Bybit got 350,000 withdrawal requests since the hack and 99.994% withdrawals have been completed. 👏
— Zia ul Haque (@ImZiaulHaque) February 22, 2025
The platform is fully functional.
Total respect for @benbybit and the Bybit team for this quick response and for handling the largest hack ever. 🫡#bybithacked #Hacked pic.twitter.com/z2qgDSikJ5
There was not a single message on social media that someone could not get their money’s worth out of the platform. Finally, there was clear communication from other crypto platforms stating that they would support Bybit if they ever got into trouble due to a hack. It is very clear that the approach and reality of the crypto world in 2025 is very different from that in 2022.
