In episode 52 of the Crypto Beat, Kelvin Sparks and Tim Copeland were joined by Bybit CEO Ben Zhou to discuss how he bootstrapped a derivatives-focused exchange and grew Bybit into a one-stop crypto platform. Ben also reflects on managing a $1B hack with radical transparency, surviving brutal bear markets, and why he thinks RWAs and on-chain capital markets will be a defining theme going into 2026.
02:05 - Derivatives-First Bybit
05:09 - Cards & User Acquisition
08:21 - Prediction Markets & Competition
11:33 - CEX vs On-Chain Perps
13:44 - Mantle, BitDAO & L2 Strategy
18:28 - Market Outlook & Liquidity
21:40 - Hiring, Culture & Layoffs
28:14 - Bootstrapping & Product Focus
30:41 - $1B Hack & Hard Lessons
36:46 - RWAs, Tokenized Stocks & 2026
Ben Zhou - https://x.com/benbybit
Bybit - https://x.com/Bybit_Official
------------------------------------------------------------------------------------
Subscribe to The Block's Newsletters!
Subscribe now 👉 https://www.theblock.co/newsletters
------------------------------------------------------------------------------------
🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
⚡ Hire faster, build stronger teams
Start your free trial today 👉 https://theblock.co/campus