Bybit, the world’s second-largest cryptocurrency exchange by trading volume, recently underwent a significant security upgrade after experiencing a $1.4 billion hack in February. The breach, which occurred on Feb. 21, resulted in the theft of over $1.4 billion in liquid-staked Ether, Mantle Staked ETH (mETH), and other ERC-20 tokens, marking one of the largest security breaches in the history of cryptocurrency. Bybit responded by implementing a three-pronged security enhancement strategy focusing on security audits, wallet fortifications, and information security enhancements. Following the breach, the exchange conducted nine security audits within a month, leading to the implementation of 50 new security measures. Bybit also strengthened its cold wallet protocols, introduced enhanced operational safety procedures, and obtained ISO/IEC 27001 certification for information security risk management. Despite the attack, Bybit has almost fully recovered its liquidity levels and continues to track the stolen funds through its LazarusBounty initiative. The exchange's swift recovery is attributed in part to its Retail Price Improvement (RPI) orders, which helped stabilize market conditions during the aftermath of the hack. Read more AI-generated news on: https://app.chaingpt.org/news