by Zain Jaffer
One of the most important tasks and responsibilities of a company leader is to take charge during times of crisis.
In mid February 2025, the crypto exchange Bybit was hacked [https://www.cnbc.com/2025/02/21/hackers-steal-1point5-billion-from-exchange-bybit-biggest-crypto-heist.html] out of an estimated $1.5bn worth of Ethereum at that time. As of that time, it was believed that the hack was carried out by North Korea’s Lazarus group. Investigators were still trying to understand the nature of the hack, which involved a transfer from the Bybit cold wallet to what they thought was their own exchange trading wallet.
What is more important is the laudable actions of their CEO, Ben Zhou. In just a short time, after presumably conferring with his Board, management, and employees, announced it to the public via a tweet on X/Twitter [https://x.com/benbybit/status/1892963530422505586].
Zhou’s actions are laudable because as he himself pointed out, the Company needs to take charge of the narrative. Often when crisis strikes, such as a plane crash, or other disasters, the public often resorts to speculation of all sorts. This is further magnified by the speed at which social media spreads comments and sometimes hatred globally.
In addition, many people no longer get their news from traditional media organizations, which have a proper editorial review and vetting strategy. Instead many people now rely on bloggers and influencers for their updates of world events. If these influencers say or write something that is not really substantiated or proven, still because of their reach what they have said sometimes becomes the narrative.
It is not easy to face the public especially when large sums of money or lives of people are involved. People tend to get very emotional. These leaders could become targets, if the hatred becomes extreme, as in the case of the United Health Group CEO murder back in December 2024 [https://edition.cnn.com/2024/12/04/business/who-was-brian-thompson/index.html].
Still part of the reason that CEOs get paid extremely well is because they are the face of their companies as far as the public is concerned. If they botch up their jobs, their shareholders, their employees, their consultants and suppliers, as well as their customers, will be negatively impacted.
Zhou’s immediate statements of acknowledgement of the hack, avoiding the perception that they were denying or making light of the situation, and instead reassuring their customers that they had the assets to back up the hacked Ethereum, was indeed a bright light out of the darkness of the incident. It joins previous events where CEOs had stepped up properly to the plate, such as when pharmaceutical and customer care company Johnson & Johnson CEO James Burke took responsibility for the Tylenol sabotage poisonings of the 80s and immediately withdrew all their products until these could be replaced with tamper proof packaging [https://www.pbs.org/newshour/health/tylenol-murders-1982].
It is easy to shine as a company when times are good. But all companies experience hard times. Sometimes they experience disasters that call to question their existence.
It is at that time when CEOs and business leaders need to step up, own the problem and face the public, if they are to survive and thrive in the future.
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