On February 21, 2025, the Bybit exchange suffered a hack resulting in the theft of $1.4 billion in ETH and other assets. This incident highlighted the need to move away from centralized security models in favor of decentralization.
Centralized Security's Vulnerability in Web3
The attack on Bybit demonstrated that centralized exchanges (CEX) are the weak link in Web3's security. In 2024, there were $2.36 billion in losses from 760 incidents, most targeting centralized platforms. Centralized systems rely on human trust, making them vulnerable to attacks.
Decentralized Infrastructure (DePIN) as the Solution
Decentralized Physical Infrastructure Networks (DePIN) can answer Web3 security issues. Naoris Protocol has developed a decentralized system eliminating single points of failure and using a network of validators to verify each transaction, making the system more resilient to attacks.
Web3's Imperative: Decentralized Security
The Bybit hack indicates the need to switch to decentralized security models. David Carvalho, CEO of Naoris Protocol, emphasizes that Web3 must shed centralized vulnerabilities. Decentralized ecosystems require decentralized security, and DePIN is a timely solution.
The Bybit incident highlighted the inefficiency of centralized security models in Web3. Moving to decentralized security systems like DePIN is not just a necessity but a crucial step in the evolution of Web3.
