Global cryptocurrency exchange Bybit recovered the approximately $1.5 billion (about 2 trillion won) in losses from an attack by North Korea-linked hackers entirely through its own operating revenue, including trading fees, by the end of last year. Ben Zhou, Bybit’s chief executive officer (CEO), said in an interview with cryptocurrency media outlet WuBlockchain that the shock of the large-scale outflow of funds had been fully absorbed through the company’s own business revenue.
Regarding the exchange’s security philosophy, Zhou emphasized the importance of a realistic response framework that acknowledges the inevitability of security breaches. “There will continue to be exchanges that suffer hacking incidents,” he said. “Rather than being designed on the assumption that hacking can be prevented at its source, security systems should be designed on the premise that a breach can occur at any time, so that damage can be minimized and a rapid response can be made.” His comments are viewed as reflecting Bybit’s risk-management approach, which was revamped after the exchange experienced a major theft attack in the past.
Zhou also analyzed broader changes in the cryptocurrency exchange industry and the company’s future business strategy. He said the era in which global exchanges pursued unlimited expansion across markets worldwide had passed, and predicted that consolidation among exchanges would gather pace. However, he assessed that clear growth opportunities remain for exchanges that have the ability to obtain local licenses and comply with regulations in individual countries while developing businesses specialized for particular regions.
He further explained that Bybit’s performance this year had slowed somewhat from the previous year, and that its business trading traditional assets such as stocks was still not at a stage where it could fully offset weakness in the cryptocurrency market. Regarding entry into the U.S. market, he said the company was first considering partnerships with leading regulated institutions that have secured a customer base of local retail investors, rather than rushing into direct entry. He added that over the next year, the company plans to concentrate its capabilities on securing regional hubs and developing customized localization businesses.