The exchange Bybit has announced a wallet system upgrade scheduled for June 24, 2025, in response to a security incident that occurred in February. This change aims to strengthen asset protection for users.
Security Improvement After February Incident
Bybit plans to enhance its wallet systems for improved security following a significant security breach in February. The exchange's leadership, led by CEO Ben Zhou, has not disclosed which assets might be affected by the upgrade but emphasizes the company's commitment to safeguarding user assets.
> "At Bybit, we are committed to transparency and the highest standards of security. As part of our ongoing efforts to enhance platform infrastructure and safeguard user assets, we will be carrying out a wallet system upgrade starting June 24, 2025." - Bybit
User Expectations and Liquidity Impact
The upgrade is expected to stabilize user confidence, though no significant changes in on-chain liquidity have been predicted. Industry stakeholders are watching for how this will affect trading activities. Currently, no regulatory or market shifts have been observed, as Bybit engages internal measures to bolster safety protocols.
Update History and Risk Prevention
Previous wallet upgrades in the sector have led to temporary withdrawal suspensions. February's incident prompted emergency fund allocation, marking a key moment in Bybit's security overhaul. Experts from Kanalcoin suggest that sustained security efforts combined with strategic infrastructure investments may mitigate future risks and improve user trust.
Bybit's wallet system upgrade highlights the importance of security in the cryptocurrency industry. A successful implementation of the upgrade is expected to restore user confidence and strengthen the exchange's market position.
