Ben Zhou is the co-founder and CEO of Bybit, one of the world’s largest cryptocurrency derivatives exchanges. Zhou co-founded Bybit in 2018 after a career in forex trading at XM Global. Under his leadership, Bybit grew to serve over 60 million registered users globally and became a central figure in the crypto industry—most notably during the February 2025 $1.5 billion hack, the largest in crypto history.
Few figures in the cryptocurrency space have faced the kind of pressure Ben Zhou has—and come out still standing. From building a derivatives exchange from scratch to navigating one of the most devastating security breaches the industry has ever seen, Zhou’s story is not just about crypto. It’s about leadership under fire.
This article looks at who Ben Zhou is, how Bybit became a global force in digital asset trading, what happened during the historic 2025 hack, and what Zhou’s response revealed about the future of crypto security and institutional trust.
Who Is Ben Zhou and What Is His Background Before Bybit?
Ben Zhou was born in China and studied at the University of Adelaide in Australia, where he earned a degree in computer science. His early career was not in crypto—it was in foreign exchange. Zhou worked for XM Global, a major forex broker, where he rose to become the General Manager for the Chinese market. That role gave him deep exposure to how large-scale trading platforms operate, how retail traders behave, and what makes a financial product genuinely competitive.
The experience proved formative. By 2018, Zhou recognized that derivatives trading in the cryptocurrency market was still deeply underdeveloped. Most platforms were clunky, difficult to use, and poorly suited to high-frequency traders who needed precision, speed, and reliability. Zhou saw a gap. He co-founded Bybit in March 2018 alongside other industry professionals, with the goal of building an exchange that professionals would actually want to use.
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What Is Bybit and How Did It Become One of the World’s Largest Crypto Exchanges?
Bybit is a cryptocurrency derivatives exchange headquartered in Dubai, UAE. The platform launched in 2018 and initially focused on perpetual contracts, a type of derivative that lets traders speculate on crypto prices without owning the underlying asset. This focus on derivatives—rather than spot trading—set Bybit apart from competitors like Coinbase and Binance in its early years.
Growth was rapid. By 2020, Bybit had become one of the top three crypto derivatives platforms by open interest. The exchange attracted professional and semi-professional traders drawn to its low latency trading engine, high liquidity, and up to 100x leverage on major pairs. Bybit later expanded into spot trading, NFTs, and Web3 products, broadening its appeal to a wider audience.
According to Bybit’s official platform data (bybit.com), the exchange serves over 60 million registered users across more than 160 countries. Daily trading volumes have regularly exceeded $10 billion, placing Bybit consistently among the top five exchanges globally by volume.
Ben Zhou has been vocal about Bybit’s mission to serve professional traders first. In multiple interviews, Zhou emphasized that Bybit’s matching engine processes up to 100,000 transactions per second, a benchmark that underpins the platform’s reliability during periods of extreme market volatility.
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What Happened During the Bybit Hack in February 2025 and How Did Ben Zhou Respond?
On February 21, 2025, Bybit suffered the largest cryptocurrency hack in history. Approximately $1.5 billion worth of Ethereum (ETH) was stolen from a cold wallet—a type of offline storage generally considered among the most secure in the industry. The attack was later attributed to the Lazarus Group, a North Korean state-sponsored cybercrime organization with a long record of targeting financial institutions and crypto platforms.
The method of attack was sophisticated. According to a post-incident analysis shared by Bybit, the hackers exploited a vulnerability in the Safe multisig wallet interface used by Bybit to manage cold storage. The attackers altered the signing interface to disguise a malicious transaction as a routine internal transfer. Bybit’s signers approved what they believed was a standard move—but the destination address had been covertly swapped.
Ben Zhou’s response was swift and remarkably transparent. Within hours of detecting the breach, Zhou took to X (formerly Twitter) to confirm the hack publicly, something many exchange CEOs have historically avoided doing in real time. Zhou stated clearly: “Bybit is solvent. All client assets are backed 1:1.” He committed to covering all losses from company reserves and, if necessary, through emergency loans from partners.
True to his word, Bybit sourced emergency bridge loans from industry partners to cover withdrawals. The company processed over 350,000 withdrawal requests in the 10 hours following the hack without pausing operations. Bybit also partnered with blockchain analytics firms, law enforcement agencies, and other exchanges to trace and freeze stolen funds.
Zhou’s handling of the crisis drew widespread respect across the industry. Competitors, traders, and regulators alike acknowledged that Bybit’s crisis communication and financial stability stood in stark contrast to the collapses of FTX in 2022 and other exchanges that concealed problems from users.
Why Does Ben Zhou’s Leadership Style Matter to the Broader Crypto Industry?
Leadership in crypto is tested differently than in traditional finance. The absence of legacy infrastructure, the speed of market movements, and the ever-present threat of cyberattacks mean that CEOs must combine technical knowledge with operational instincts and the capacity for real-time communication.
Zhou’s response to the 2025 hack crystallized something important: transparency builds more trust than silence ever can. When FTX collapsed in November 2022, founder Sam Bankman-Fried’s delayed and incoherent communications accelerated a loss of confidence that made recovery impossible. Zhou took the opposite approach—immediate acknowledgment, clear financial data, and a public commitment to user protection.
This philosophy also shapes how Bybit operates day to day. Zhou has consistently pushed for improvements in exchange infrastructure, insurance mechanisms, and proof-of-reserves transparency. Bybit publishes periodic proof-of-reserves audits through Merkle tree verification, giving users a cryptographic method to confirm their assets are actually held on the platform. This practice, while not yet universal across exchanges, is increasingly demanded by regulators and institutional clients alike.
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How Has Bybit Positioned Itself After the 2025 Hack and What Does This Mean for Users?
The aftermath of the February 2025 hack triggered significant internal restructuring at Bybit. The exchange launched a bug bounty program offering up to $140 million for information leading to the recovery of stolen funds—the largest bug bounty in the history of cryptocurrency. Bybit also announced a complete overhaul of its cold wallet security architecture, moving away from third-party signing interfaces toward proprietary solutions.
On the regulatory front, the hack accelerated conversations with financial authorities in the UAE, where Bybit holds its primary operating license from the Virtual Assets Regulatory Authority (VARA). Zhou publicly engaged with regulators and stated the company’s intention to cooperate fully with international law enforcement investigations. Several million dollars in frozen funds were recovered in the months following the attack through coordinated action with exchanges and blockchain forensics firms.
From a user perspective, Bybit’s 1:1 asset backing guarantee remained intact throughout the crisis. The exchange’s ability to honor withdrawals during a period of extreme stress demonstrated a level of financial resilience that many in the industry had doubted was possible. Assets under management reportedly stabilized within weeks, and trading volumes recovered to pre-hack levels by mid-2025.
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What Is Ben Zhou’s Vision for Bybit and Crypto’s Future?
Ben Zhou has articulated a clear vision: Bybit should become the exchange of choice for both retail and institutional traders globally, built on a foundation of speed, security, and regulatory compliance. That vision has several practical dimensions.
First, Zhou has invested heavily in Bybit’s Web3 product suite, including the Bybit Web3 wallet, an NFT marketplace, and integrations with decentralized finance (DeFi) protocols. These additions reflect a belief that the future of crypto is not just trading—it’s participation in on-chain ecosystems.
Second, Zhou has spoken repeatedly about the importance of institutional adoption. Bybit has developed custody solutions, API infrastructure, and prime brokerage services aimed at hedge funds, family offices, and corporate treasuries entering digital assets. The exchange’s technical specifications—including sub-millisecond execution speeds and deep liquidity pools—are designed to meet institutional standards.
Third, Zhou sees regulatory clarity as a net positive for the industry, even if it introduces short-term compliance costs. Bybit’s establishment of a formal presence in Dubai under VARA regulation reflects this stance. Exchanges that embrace regulatory engagement, Zhou has argued, will be better positioned for long-term growth than those that operate in legal grey zones.
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What Can Crypto Investors and Traders Learn From Ben Zhou and Bybit’s Story?
The trajectory of Bybit and its CEO carries clear lessons for anyone operating in, investing in, or building within the crypto industry. Security is not a feature—it’s the product. The 2025 hack demonstrated that even well-capitalized, technically sophisticated platforms can be compromised. The difference between recovery and collapse lies in preparation: financial reserves, transparent communication, and the operational capacity to process withdrawals without interruption.
Zhou’s career also illustrates the value of cross-industry experience. His background in forex trading gave him a framework for understanding how professional traders think, what they need from a platform, and where incumbents consistently fall short. That perspective shaped Bybit’s product decisions from day one.
Finally, the Bybit story underscores a broader shift in the crypto industry. The era of exchanges operating without accountability is ending. Platforms that invest in proof-of-reserves, regulatory compliance, and user protection will attract capital and trust. Those that don’t will find themselves on the wrong side of both market forces and regulators.
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Frequently Asked Questions About Ben Zhou and Bybit
Who is Ben Zhou and what role does he play at Bybit?
Ben Zhou is the co-founder and CEO of Bybit. Zhou co-founded the exchange in 2018 after working as General Manager for the Chinese market at XM Global, a major forex broker. Zhou oversees Bybit’s strategic direction, product development, and public communications.
When was Bybit founded and where is it headquartered?
Bybit was founded in March 2018. The exchange is headquartered in Dubai, UAE, where it operates under a license from the Virtual Assets Regulatory Authority (VARA).
What happened during the Bybit hack in 2025?
On February 21, 2025, Bybit lost approximately $1.5 billion in Ethereum from a compromised cold wallet. The attack was attributed to North Korea’s Lazarus Group, which exploited a vulnerability in Bybit’s signing interface. Bybit covered all losses and maintained full solvency throughout.
How did Ben Zhou respond to the $1.5 billion Bybit hack?
Ben Zhou publicly confirmed the hack within hours, stated that Bybit remained solvent with all assets backed 1:1, secured emergency bridge loans to cover withdrawals, and launched a $140 million bug bounty program to help recover stolen funds.
How many users does Bybit have?
According to Bybit’s official platform data, the exchange serves over 60 million registered users across more than 160 countries as of 2025.
Is Bybit regulated?
Bybit holds a virtual asset service provider license from the Virtual Assets Regulatory Authority (VARA) in Dubai. The exchange operates in compliance with UAE financial regulations and engages with regulators internationally.
