Crypto Industry Advocates For Secure Solutions To Halt Hacks

20 Apr Crypto News

Crypto hacks are predictable, both in terms of their frequency and methodology. When the target is a centralized exchange, you can pretty much write the script: Employee opens dodgy email. Employee gets phished. Hacker gains multisig control and diverts funds to their own wallet.

Which is what makes the Bybit hack so unusual. It’s not the size of the heist that’s noteworthy, significant as the $1.5B haul was, but the manner in which it was perpetrated. Normally, when the obligatory post-mortem is conducted by the exchange in question, it’s a mea culpa as a litany of opsec failures is laid bare. But in this case Bybit has walked away with its reputation largely intact, thanks to the widespread belief that it did little wrong.

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Crypto Industry Advocates For Secure Solutions To Halt Hacks