Bybit Reinforces Exchange Security After Its Hack

Bybit, a well-known cryptocurrency exchange, is taking decisive steps to improve security as cyber threats become more complex and widespread. The platform has announced a new security plan. Bybit Detailed Three Areas of Focus This plan includes three main areas: security audits, wallet improvements, and upgrades to information security. This effort will better protect users’ assets and data. Bybit’s enhanced security framework starts with regular security audits. The exchange works with top cybersecurity firms to test their systems, check for weaknesses, and assess vulnerabilities in real time. So far, Bybit has concluded nine security audits and has implemented several security measures. Furthermore, Bybit has improved its cold and hot wallet systems with layered encryption, better key management, and automated tools to detect unusual activity. These upgrades significantly lower the chances of unauthorized access or theft. Significantly, Bybit is upgrading its information security (infosec) protocols. The exchange has added tools that monitor activity in real-time. These tools look for suspicious behavior and immediately act if they find anything unusual. Meanwhile, the exchange’s proactiveness shows that it is serious about defending against cyber threats. Their proactive measures keep user assets safe and set a new standard for security in centralized exchanges (CEX). Details of the Bybit Hack Based on the information available at the time of writing, the hackers deceived Bybit’s cold wallet signers into conducting a malicious transaction. Unfortunately, this granted them control over the wallet. So far, about $200 million worth of stETH has been sold. Notably, the attack comes as many exchanges are increasingly scrutinized for security vulnerabilities. A spokesperson from CertiK, a blockchain security firm, commented, “Given the scale of the exploit, this breach raises serious concerns regarding centralized exchange security and the evolving threat landscape in Web3.” Moving Forward After a Difficult Year Bybit’s bold stance is a significant milestone for the exchange, especially after a challenging period. In February 2025, the platform experienced the largest crypto hack , losing $1.5 billion in assets. In April, Bybit’s CEO and co-founder, Ben Zhou, revealed that over two-thirds of the siphoned funds are still traceable . About a month ago, German authorities seized £34 million from eXch, a platform allegedly used to launder funds stolen in that attack. Despite the setback, Bybit is showing signs of recovery and commitment. The exchange is working closely with regulators and continues to pursue licenses worldwide , all testaments to Bybit’s compliance approach. It is also worth noting that the trading platform is not just focused on regulation and expansion. The post Bybit Reinforces Exchange Security After Its Hack appeared first on TheCoinrise.com .

Source: The Coin Rise