Cryptocurrency exchange Bybit has unveiled new initiatives to enhance the security of its systems after a recent hack that resulted in the theft of $1.5 billion.
Bybit's Security Plan
Bybit has identified three main focus areas in its new security plan: audits, wallet improvements, and upgrades to information security. The exchange collaborates with leading cybersecurity firms to conduct regular audits and assess vulnerabilities within its systems. To date, nine security audits have been completed, and several new security measures have been implemented.
Additionally, Bybit has enhanced its cold and hot wallet systems with layered encryption and improved key management, significantly reducing the chances of unauthorized access.
Details of the Bybit Hack
The hackers deceived Bybit’s cold wallet signers into executing a malicious transaction, which granted them control over the wallet. Approximately $200 million worth of crypto assets have been sold as a result. A representative from CertiK commented, "Given the scale of the exploit, this breach raises serious concerns regarding centralized exchange security and the evolving threat landscape in Web3."
Future Prospects After a Difficult Year
Following a challenging period that saw the exchange lose $1.5 billion in February 2025, Bybit is showing signs of recovery. CEO and co-founder Ben Zhou revealed that more than two-thirds of the siphoned funds are still traceable. The exchange is actively working with regulators and continues to pursue licenses worldwide, underscoring its commitment to compliance.
Bybit's measures following the incident highlight its commitment to enhancing security and protecting user assets, while establishing new standards for centralized exchanges.
