Lessons from the ByBit hack & the (botched) Solana advert

The recent Bybit hack sent shockwaves through the crypto market. How did the story unfold? Were comms people caught off guard, or were they managing the story?

On Wednesday 26 March, members from the Association of Crypto Journalists & Researchers and the Crypto Communications Collective converged to discuss the latest crises of comms. It was a great conversation with plenty of debate and insight.

Below is a summary of the conversation.

One of the most critical aspects of crisis management is swift leadership response. Bybit’s CEO was available immediately, opting to conduct a livestream to address the situation transparently.

• Big risk, big reward? A real-time, public response can be risky but also demonstrates confidence and control.

• Turning crisis into opportunity: While Bybit took decisive action, there were differing opinions on whether this was a “masterclass” in crisis communications relating to the follow-up communications, ie “war on Lazarus” messaging.

Naga compared Bybit’s approach to the FTX collapse, highlighting stark differences in crisis handling.

• Proactive vs. Reactive: Bybit’s CEO set the standard for leaders caught in future crises, assuming an active role, whereas FTX’s Sam Bankman-Fried was elusive and played dumb.

• Over-communication vs. necessary updates: While transparency is crucial, post-crisis comms should focus on maintaining trust (e.g. penetration tests and table top exercises).

• Building long-term credibility: Efforts should focus on ensuring such incidents do not recur, instead of capitalising on the ‘PR moment’.

• Information vacuums: A well-structured and consistent flow of updates should be the. baseline for organisations in crisis going forward, rather than “going dark”.

Social media is critical in crisis perception, making strategic engagement essential.

• Single Source of Truth (SSOT): During times of crisis, there is an urgent need for a central, authoritative source of updates rather than engaging with every critic.

• Tactical social media use: Social media is primarily used as a distribution tool, pinning a holding statement and linking it to a dedicated landing page for crisis updates.

While discussing crisis communications, the conversation shifted to Solana’s recent controversial ad campaign.

• The campaign reflected a lack of maturity in messaging. A simple focus group could have flagged potential issues before launch.

  • The quick reversal suggested poor internal alignment and a lack of foresight.

  • "If you’re going to be bold, then be bold."

• The panellists largely agreed, emphasizing that Anatoly Yakovenko’s “punching down” apology indicated a lack of initial strategic thought.

• Audience members:

  • Highlighted that controversy drives discussion—whether intentionally or not, Solana’s campaign achieved visibility.

  • Suggested the campaign was likely a “bottom-up” initiative rather than an officially approved Solana Foundation effort, demonstrating the complexities of decentralized networks managing brand communications.

• Crisis comms should be about clarity, not theatrics. Transparency and ongoing updates build credibility, but excessive PR can backfire.

• Leadership presence is key. A visible, engaged CEO can set the tone for trust and control.

• Social media should be used strategically. A structured approach to messaging and distribution prevents misinformation from taking hold.

Internal alignment matters. The Solana ad misstep highlights why cross-team collaboration and pre-launch review processes are essential.

​Panelists

​Kevin Dinino is a GTM communications consultant with over 20 years supporting clients across fintech, crypto and cybersecurity industries. He also sits on the Board of Directors for the San Diego Cyber Center of Excellence and is a Media Trainer for Executive MBA students at UPenn-Wharton School of Business.

​Ashley Stanhope is the Founder & CEO of Hardfork Media, a communications agency that specializes in crypto research and development. She is also a former breaking news journalist and media relations expert who has handled crisis communications for clients in both web2 and web3.

Naga Avan-Nomayo is a Lagos-based reporter with years of experience covering crypto and defi. He previously worked as a crypto news generalist and breaking news reporter at EthereumWorldNews. He studied Communication and Journalism at the University of Lagos.

About the Association of Cryptocurrency Journalists and Researchers (ACJR)

​​​​​​The ACJR is a professional non-profit body that recognizes the best journalism and research on cryptocurrencies and blockchains. Join our community of 1,200+ journalists, researchers and comms professionals in crypto on Telegram. Become a member and show your support for ACJR!

About the Crypto Communications Collective

​The Crypto Communications Collective is a social and educational group for PR & Communications professionals working in web3. As believers in the power of blockchain to create a more equitable internet, we aim to band together to drive crypto ecosystem narratives in a helpful direction.

Lessons from the ByBit hack & the (botched) Solana advert

The recent Bybit hack sent shockwaves through the crypto market. How did the story unfold? Were comms people caught off guard, or were they managing the story?

On Wednesday 26 March, members from the Association of Crypto Journalists & Researchers and the Crypto Communications Collective converged to discuss the latest crises of comms. It was a great conversation with plenty of debate and insight.

Below is a summary of the conversation.

One of the most critical aspects of crisis management is swift leadership response. Bybit’s CEO was available immediately, opting to conduct a livestream to address the situation transparently.

• Big risk, big reward? A real-time, public response can be risky but also demonstrates confidence and control.

• Turning crisis into opportunity: While Bybit took decisive action, there were differing opinions on whether this was a “masterclass” in crisis communications relating to the follow-up communications, ie “war on Lazarus” messaging.

Naga compared Bybit’s approach to the FTX collapse, highlighting stark differences in crisis handling.

• Proactive vs. Reactive: Bybit’s CEO set the standard for leaders caught in future crises, assuming an active role, whereas FTX’s Sam Bankman-Fried was elusive and played dumb.

• Over-communication vs. necessary updates: While transparency is crucial, post-crisis comms should focus on maintaining trust (e.g. penetration tests and table top exercises).

• Building long-term credibility: Efforts should focus on ensuring such incidents do not recur, instead of capitalising on the ‘PR moment’.

• Information vacuums: A well-structured and consistent flow of updates should be the. baseline for organisations in crisis going forward, rather than “going dark”.

Social media is critical in crisis perception, making strategic engagement essential.

• Single Source of Truth (SSOT): During times of crisis, there is an urgent need for a central, authoritative source of updates rather than engaging with every critic.

• Tactical social media use: Social media is primarily used as a distribution tool, pinning a holding statement and linking it to a dedicated landing page for crisis updates.

While discussing crisis communications, the conversation shifted to Solana’s recent controversial ad campaign.

• The campaign reflected a lack of maturity in messaging. A simple focus group could have flagged potential issues before launch.

  • The quick reversal suggested poor internal alignment and a lack of foresight.

  • "If you’re going to be bold, then be bold."

• The panellists largely agreed, emphasizing that Anatoly Yakovenko’s “punching down” apology indicated a lack of initial strategic thought.

• Audience members:

  • Highlighted that controversy drives discussion—whether intentionally or not, Solana’s campaign achieved visibility.

  • Suggested the campaign was likely a “bottom-up” initiative rather than an officially approved Solana Foundation effort, demonstrating the complexities of decentralized networks managing brand communications.

• Crisis comms should be about clarity, not theatrics. Transparency and ongoing updates build credibility, but excessive PR can backfire.

• Leadership presence is key. A visible, engaged CEO can set the tone for trust and control.

• Social media should be used strategically. A structured approach to messaging and distribution prevents misinformation from taking hold.

Internal alignment matters. The Solana ad misstep highlights why cross-team collaboration and pre-launch review processes are essential.

​Panelists

​Kevin Dinino is a GTM communications consultant with over 20 years supporting clients across fintech, crypto and cybersecurity industries. He also sits on the Board of Directors for the San Diego Cyber Center of Excellence and is a Media Trainer for Executive MBA students at UPenn-Wharton School of Business.

​Ashley Stanhope is the Founder & CEO of Hardfork Media, a communications agency that specializes in crypto research and development. She is also a former breaking news journalist and media relations expert who has handled crisis communications for clients in both web2 and web3.

Naga Avan-Nomayo is a Lagos-based reporter with years of experience covering crypto and defi. He previously worked as a crypto news generalist and breaking news reporter at EthereumWorldNews. He studied Communication and Journalism at the University of Lagos.

About the Association of Cryptocurrency Journalists and Researchers (ACJR)

​​​​​​The ACJR is a professional non-profit body that recognizes the best journalism and research on cryptocurrencies and blockchains. Join our community of 1,200+ journalists, researchers and comms professionals in crypto on Telegram. Become a member and show your support for ACJR!

About the Crypto Communications Collective

​The Crypto Communications Collective is a social and educational group for PR & Communications professionals working in web3. As believers in the power of blockchain to create a more equitable internet, we aim to band together to drive crypto ecosystem narratives in a helpful direction.