PANews reported on June 4 that cryptocurrency exchange Bybit has quietly completed a new round of internal security system upgrades since it was attacked by hackers in February this year. It is understood that after the attack, Bybit immediately launched a three-dimensional security upgrade plan:

In-depth audit: Within a month of the incident, Bybit completed 9 security audits, jointly implemented by internal experts and external independent agencies, and adopted more than 50 new security measures and recommendations.
Wallet security: In terms of wallets, Bybit has reformed the operating process, software and hardware to implement a more stringent cold wallet solution. Specific measures include operating procedures, wallet transactions are fully supervised by security experts, multi-party computing (MPC) and other models are used to enhance wallet protection, and hardware security modules (HSM) are integrated to achieve hardware-level security protection.
Information security: The platform has passed the ISO/IEC 27001 information security risk management certification, and all internal and external communications are end-to-end encrypted.

Even after the attack, Bybit maintained normal operations after the incident, completing user withdrawal requests within 12 hours, minimizing the impact on users, and the exchange borne all losses. Currently, the operation to track the stolen funds through the "LazarusBounty" platform led by Bybit is still ongoing, and more than $2.3 million in bounty rewards have been issued so far. Although the latest reports released by third-party institutions including Kaiko also indirectly reflect Bybit's ability to recover quickly within 30 days, liquidity and resilience, this incident has sounded the alarm for the entire industry. The financial services industry still has a long way to go in strengthening security fortresses and fighting against increasingly sophisticated hacker groups.

Bybit denies rumors of security breach: User assets are safe

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