Bybit Releases Security Update After $1.4 Billion Hack

Bybit, the second largest cryptocurrency exchange in the world by trading volume, has released a comprehensive security update following a $1.4 billion hack in February. On February 21, Bybit was hacked, resulting in the theft of over $1.4 billion in Liquid Staked Ether (STETH), Mantle Staked ETH (mETH), and other ERC-20 tokens. This incident became one of the largest in cryptocurrency history.

To enhance protection, Bybit implemented a three-pronged security update aimed at conducting security audits, strengthening wallets, and improving information security, according to an announcement on June 4.

In the month following the hack, the exchange conducted nine security audits carried out by both internal specialists and independent external experts, resulting in the implementation of 50 new security measures, the announcement stated.