Bybit CEO visits Vietnam

Ben Zhou, the leader of Bybit's second-largest cryptocurrency exchange, has arrived in Vietnam to explore collaboration opportunities.

ZNews•17/04/2025

Ben Zhou, CEO of Bybit. Photo: 35E .

On the morning of April 17th, Minister of Finance Nguyen Van Thang met with Mr. Ben Zhou, CEO of Bybi. This is currently the second-largest cryptocurrency exchange by trading volume, after Binance. This was also a rare public appearance by the platform's leader since the shocking hacking incident.

Speaking at the meeting, Minister Nguyen Van Thang shared information on the issue of cryptocurrency assets in Vietnam. Accordingly, the Vietnamese Government has assigned the Ministry of Finance to lead the research and development of a legal framework for this field. The Ministry of Finance is coordinating with relevant units to build a cryptocurrency exchange in Vietnam to control risks and protect the rights of investors.

Initially, cryptocurrency trading will operate under a sandbox mechanism to allow regulatory authorities to monitor and evaluate market practices. This will provide a basis for learning and refining, ultimately leading to the issuance of official legal regulations for cryptocurrency trading.

On Bybit's side, CEO Ben Zhou highly appreciated Vietnam's pilot model. The exchange sees this as an opportunity to propose cooperation programs aimed at improving the legal framework and providing technical support.

Minister Nguyen Van Thang (far right) speaks at the meeting. Photo: SL.

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According to CoinMarketCap data, Bybit currently ranks second among centralized exchanges (CEXs). The platform currently manages approximately $1.6 trillion in assets and has 60 million customers globally. Ben Zhou stated that Vietnam is the largest market in Southeast Asia.

In February, Bybit became the victim of the biggest hack in the cryptocurrency market, with $1.5 billion in assets lost. However, according to security experts, the vulnerability exploited by the hackers came from the Safe polynomial wallet.

Following the incident, Bybit asserted that its infrastructure was not experiencing any problems or being compromised by hackers. Despite the withdrawal of funds from the exchange, the platform remained secure. Safe itself confirmed that the wallet was the source of the issue.

The exchange was also praised for weathering the asset loss. CEO Ben Zhou continuously updated the situation, ensuring users could withdraw their funds without incident. Individual customers were prioritized over large companies. According to reports, over $5 billion flowed out of Bybit on the first day after the incident. The entire amount was successfully processed, leaving no losses. This development helped the cryptocurrency market remain stable, preventing a price crash like the FTX bankruptcy.

Meanwhile, Safe Wallet became the target of criticism and demands for accountability. Users expressed concerns that many projects had entrusted their vast assets to this platform.

Verichain, a security company based in Vietnam, was one of the first to detect and investigate the incident. The vulnerability in the Safe wallet was also discovered by this company, enabling Bybit to trace the flow of funds and recover some assets.

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