Casey Taylor (@casatay) / X

Casey Taylor

2,336 posts

Casey Taylor

@casatay

Platform partner @dragonfly_xyz | formerly @dcgco @fcubedvc @nytechalliance | doula in my downtime

Joined January 2014

Pinned
Casey Taylor
@casatay
Feb 21, 2025
🚨 Bybit just delivered a masterclass in crisis communications after experiencing the largest hack in crypto history. The situation is still live, but they’ve already succeeded in calming markets. It’s a teachable moment for the rest of us. Here’s what they did right—and why it
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Casey Taylor
@casatay
Feb 21, 2025
Replying to @casatay
1️⃣ Immediate & Personal Response The first message came within 30 minutes of the first public report of the hack, directly from the CEO, not a faceless corporate account. Seeing a leader’s face builds trust, especially in a crisis. After most hacks, the team’s instinct is to
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Casey Taylor
@casatay
Feb 21, 2025
Replying to @casatay
3️⃣ Live Stream: Facing the Community Instead of letting speculation & FUD run wild, the CEO went live. Not a pre-recorded video—a real-time conversation. This move reassured users that the company was confident and had nothing to hide.
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Casey Taylor
@casatay
Feb 21, 2025
Replying to @casatay
4️⃣ Composed & Professional Under Pressure The CEO showed up to the live stream on X and YouTube, he was well-lit, groomed, and alert—despite it being the middle of the night. And when he needed to step away, a prepared team member who was close to the situation, but not on the
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Casey Taylor
@casatay
Feb 21, 2025
Replying to @casatay
2️⃣ Fast, Transparent Follow-Ups Seven minutes after the CEO’s statement, Bybit’s official account issued an “official statement” that spoke in concrete terms that any user could understand. They then assured the market what they wanted to know: that funds were SAFU.
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Casey Taylor
@casatay
Feb 21, 2025
Replying to @casatay
👑 Final Takeaway @Bybit_Official's response was fast, transparent, and well-executed… instead of just reacting, they executed a playbook. The result is clear—people believed this was handled masterfully. Despite the echo of FTX in everyone’s head, the public’s primary response
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Casey Taylor
@casatay
Feb 21, 2025
Replying to @casatay
6️⃣ Clear Timelines, Numbers, and Plans ByBit didn’t just say they were handling withdrawals—they gave specific numbers & timeframes with explanations. Here are some examples: - Exactly 401K ETH stolen from their ETH cold wallet - 4,000 withdrawals are pending, which they aim to
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Casey Taylor
@casatay
Apr 20, 2020
Getting paid in #Bitcoin to help birth a baby next week...
Casey Taylor
@casatay
Feb 21, 2025
Replying to @casatay
9️⃣ Leveraging Industry Support Rather than acting alone, Bybit emphasized their partners, market makers, and even competing exchanges were reaching out to them to offer support. This reinforced their credibility & collective strength. This was no FTX situation where people were
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Casey Taylor
@casatay
Feb 21, 2025
Replying to @casatay
5️⃣Live Stream Management & Use of Graphics During breaks in the live stream, Bybit used holding slides to tell viewers they’d be "back in 2 minutes" or when the CEO would return. Anyone tuning in at any point knew what was happening, reinforcing their control over the situation.
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Casey Taylor
@casatay
Feb 21, 2025
Replying to @casatay
1️⃣0️⃣ Reinforcing Bybit’s Strength They used this moment to reiterate Bybit’s 1:1 asset backing and proof of reserves—key reasons why they were able to quickly secure a bridge loan and continue processing all withdrawals without freezing funds. And even if the funds were lost, the
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Casey Taylor
@casatay
Feb 21, 2025
Replying to @casatay
8️⃣ Addressing the Hackers Strategically Throughout the livestream, Bybit assumed the hackers were watching and emphasized how hard it would be for the hackers to cash out their stolen funds, inviting them to the negotiating table
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Casey Taylor
@casatay
Feb 21, 2025
Replying to @casatay
7️⃣ Owning the Security Breakdown Without shifting blame, they named Gnosis Safe as the point of breach and thoroughly explained their multisig security process. They demonstrated they were following procedure and framed the hack as sophisticated, not a result of negligence, and
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Casey Taylor
@casatay
Feb 21, 2025
Replying to @casatay
Disclosure: Please note that this is a developing situation, and facts may change as more information becomes available. While @dragonfly_xyz is an early investor in Bybit, we are receiving updates concurrently with the public and are committed to transparency as events unfold.
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