[RECOVER BEHIND THE BAGS EP.19]~ GOOD MANAGEMENT CRISES
A prime illustration of competent crisis leadership emerged recently around the Cyber attacker exploits targeting cross-chain DeFi protocol Qubit Finance in late January 2023. Over $80 million worth of crypto funds were initially reported hacked, presenting serious reputational damage and loss of community trust in the project.
Yet Qubit’s swift and radical transparency helped turn the tide. Within 24 hours the core team disclosed extremely detailed timelines and technical analyses of the attack - an uncommon degree of crypto vulnerability reporting. They followed up swiftly by engaging top blockchain analytics firms to trace funds and identify recovery pathways in collaboration with legal authorities.
Such decisive coordination aligned incentives across security experts, lawyers, investors and users building confidence in good-faith efforts. Coupled with ongoing public updates about restructuring measures to enhance platform defenses against potential repeat threats, community sentiment remained remarkably resilient despite the shock.
The team owned responsibility and responded with urgency but levelheaded precision - no panicked reactions or piecemeal updates leaving stakeholders guessing. They mobilized across all avenues demonstrating commitment to make victims economically whole again soon as possible. Qubit even took an ethical stance by only pursuing criminals assets not mixed with legitimate funds, upholding blockchain privacy principles.
While financial and trust rebuilding continues, Qubit’s composed roadmap for emerging stronger post-crisis became a blueprint of leadership under pressure. Prioritizing transparency, decisive action and community dialog is how brands recover after isolated stumbles. The episode proves that dedicated creators supported by understanding users can withstand even eight-figure hacks through patient cooperation. And nothing strengthens loyalty more than adversity faced together.
Here are some keys points to note on Good crises management.
- Act decisively from the start, but resist making rushed or emotional decisions
- Identify facts clearly and communicate transparently to all affected audiences
- Own accountability as leadership while detailing contextual factors
- Engage qualified external expertise if situation is beyond internal capacity
- Frame roadmap with clear milestone markers to signal progress
- Update stakeholders regularly even without total resolutions
Outline changes to systems, policies, training to address root causes - Express empathy and compassion for those impacted
Provide responsive support services catered to unique victim needs - Guide narrative focus towards learning, improvement and rebuilding trust
- Document lessons learned in aftermath to inform future preparedness
- Thank partners, staff and community members critical to response efforts
- Analyze prior successes pivoting major threats into growth opportunities
- Highlight relationship capital that fuels resilience through turbulent events
- We Shift mindsets from limiting blame to uplifting growth mentalities
- Institute post-crisis advisory groups for accountability and shared vision
While no solution satisfies all parties, consistently upholding transparency, responsibility and good faith efforts builds durable trust to weather the storms. Staying grounded in nurturing connections sustains the way forward.
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See you in my next post ❤️❤️
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