Bybit CEO Says stolen-losses were covered by operating revenue by the end of last year
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AT A GLANCE
Ben Zhou said that Bybit had covered losses from theft last year using revenue such as fees and will shift toward regional development.
Article
Bybit CEO: By the end of last year, losses from the theft had been offset by fee income and other revenue; the golden era of global trading platform expansion has passed
BlockBeats reported,October 19，Bybit CEO Ben Zhou recently said in an interview with Wu Blockchain that Bybit had covered, by the end of last year, losses caused by a prior attack by North Korean hackers through operating revenue such as fees. He believes that trading platforms will continue to suffer hacker attacks in the future, and that security systems should be designed on the premise that “a theft is certain to occur.”
Discussing industry competition, Ben believes that the golden era of global trading platform expansion has passed and that the industry will consolidate further. Regional trading platforms with licenses and local operating capabilities still have growth opportunities. He disclosed that Bybit profit declined year on year this year, and that trading in traditional assets such as stocks is currently still insufficient to offset the impact from its crypto business.
Regarding the U.S. market, Ben said that Bybit is still awaiting an appropriate opportunity to enter and prefers to cooperate with local institutions that have a retail user base. Over the next 1 years,Bybit core strategy will focus on regional development and deep localization. He also discussed the differences between the Bitget security incident and the theft incident involving Bybit, as well as the large-scale application of AI within the platform and the resulting data-security challenges.
Original link https://m.theblockbeats.info/flash/372512
Key points
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BlockBeats on October 19 reported Bybit CEO on Ben Zhou's recent interview with Wu Blockchain.
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Ben Zhou said that Bybit had covered by the end of last year the losses caused by a previous attack by North Korean hackers through operating revenue such as fees.
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Ben Zhou believes that trading platforms will continue to suffer hacker attacks in the future, and security systems should be designed on the premise that “a theft is certain to occur.”
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Ben Zhou believes that the golden era of global trading platform expansion has passed and that the industry will consolidate further in the future.
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Ben Zhou said that regional trading platforms with licenses and local operating capabilities still have growth opportunities.
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Ben Zhou disclosed that Bybit profit declined year on year this year, and trading in traditional assets such as stocks remains insufficient to offset the impact from its crypto business.
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Ben Zhou said that Bybit is still awaiting an appropriate opportunity to enter the U.S. market and prefers to cooperate with local institutions that have a retail user base.
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Over the next 1 years,Bybit core strategy will focus on regional development and deep localization.
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The report noted that Ben Zhou also discussed the differences between the Bitget security incident and the theft incident involving Bybit, as well as the data-security challenges arising from the application of AI.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
The core of this report is:Bybit The person in charge said that the platform had recouped losses caused by a prior theft through its routine operating revenue, but hacker risks will not disappear, so security design should account in advance for the possibility of compromise. At the same time, he believes that opportunities for global expansion are diminishing, and Bybit will place greater emphasis on licenses, partnerships, and local operations in different regions going forward.
Why it matters to readers
The content also covers trading platforms' capacity to absorb financial losses, security development, and expansion strategies. If these statements are accurate, this indicates that Bybit has absorbed theft losses through operations, though declining profit and data-security challenges still warrant attention.
When choosing a trading platform, beginners should not focus solely on fees or the number of products; they should also consider its security mechanisms, licenses, local operating capabilities, and how it handles and discloses asset losses.
Risks and unknowns
The report does not provide the amount of losses from theft, the amount of revenue from fees and other sources, or financial details on how the losses were covered.
The specific extent of the year-on-year decline in profit and the statistical methodology were not disclosed.
The related claims concerning finances and loss coverage came from CEO an interview; the original text did not provide financial documents or independent verification.
Related Developments
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Bybit The timing of entry into the U.S. market, partner institutions, and specific plans have not yet been determined.
The report did not explain the specific differences between Bitget's security incident and Bybit the theft incident.
AI Specific details regarding the scale of the application and its data security challenges were not disclosed.
Related concepts
fees
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