ByBit Hack: Lessons in Crypto Exchange Security & Response
The recent Bybit hack has once again highlighted the vulnerabilities of crypto exchanges, raising concerns about security measures and user protection. With over $1.5 billion in assets compromised, this breach is being called one of the largest in crypto history.
🔹 How ByBit Handled the Attack
Tracked stolen assets and recovered $50 millionUsed reserves and loans to compensate usersReassured the public that cold wallets remained safe
🔹 Crypto Exchanges That Took Security Seriously
Kraken: Proactively froze accounts linked to suspicious activities (FTX collapse, hacker alerts)
Binance: Blocked $5.3 million from a hack targeting BtcTurk, showcasing quick response
WhiteBIT: Played a key role in stopping multiple crypto thefts, returning $4.8M+ in stolen funds
Coinbase: Prevented a $500,000 scam targeting an elderly user by detecting suspicious transactions