๐จ CZ on the Bybit Hack & Why He Suggested Pausing Withdrawals
After the $1.5B Bybit hack, CZ publicly suggested temporarily pausing withdrawals as a more conservative security measure.
His reasoning was simple: stop first, investigate second.
CZ explained that when a security incident occurs, the priority should be preventing any potential additional outflows even if temporarily disrupting trading and inconveniencing users.
He also clarified that there was no absolute โright or wrongโ decision.
Bybit chose to keep withdrawals running, and no further issues occurred. CZ said Ben Zhou had far more internal information and made his own judgment based on the circumstances.
CZโs own approach?
โPress the red button first, then figure out what happened.โ
His experience came from Binanceโs 2019 hack, when withdrawals were paused while the security incident was investigated.
Security first. SAFU. ๐ก๏ธ
#cz
After the $1.5B Bybit hack, CZ publicly suggested temporarily pausing withdrawals as a more conservative security measure.
His reasoning was simple: stop first, investigate second.
CZ explained that when a security incident occurs, the priority should be preventing any potential additional outflows even if temporarily disrupting trading and inconveniencing users.
He also clarified that there was no absolute โright or wrongโ decision.
Bybit chose to keep withdrawals running, and no further issues occurred. CZ said Ben Zhou had far more internal information and made his own judgment based on the circumstances.
CZโs own approach?
โPress the red button first, then figure out what happened.โ
His experience came from Binanceโs 2019 hack, when withdrawals were paused while the security incident was investigated.
Security first. SAFU. ๐ก๏ธ
#cz