Bybit, the world’s second-largest cryptocurrency trade by buying and selling quantity, has revealed a complete safety overhaul following its $1.4 billion hack in February.
On Feb. 21, Bybit was hacked for over $1.4 billion in liquid-staked Ether (STETH), Mantle Staked ETH (mETH) and different ERC-20 tokens, making it one of many largest safety breaches in crypto historical past.
To bolster defenses, Bybit has carried out a three-pronged safety improve, focusing on safety audits, pockets fortifications and data safety enhancements, in accordance with a June 4 announcement shared with Cointelegraph.
Inside a month of the breach, the trade accomplished 9 safety audits, performed each by in-house specialists and unbiased exterior consultants, ensuing within the implementation of fifty new safety measures, the announcement mentioned.
Associated: How the Bybit hack occurred: a $1.4 billion crypto breach defined
Chilly pockets safety and certifications
On the {hardware} entrance, Bybit mentioned it has tightened chilly pockets protocols, launched a revamped operational security process that mandates full supervision by safety consultants all through the pockets course of and adopted multiparty computation to additional improve pockets safety.
Moreover, {hardware} safety modules had been consolidated to supply larger ranges of {hardware} safety.
Bybit now holds ISO/IEC 27001 certification for info safety danger administration. It mentioned it additionally encrypts all inside and buyer communications and information storage.
Associated: Bybit trade hacked, over $1.4 billion in ETH-related tokens drained
Liquidity restoration and Lazarus bounty program
Regardless of the assault, Bybit has almost returned to pre-hack liquidity ranges, and its LazarusBounty initiative is continuous to hint the stolen funds. So far, over $2.3 million in bounty rewards have been distributed by this system.
Kaiko’s report on Bybit’s liquidity revealed that Bitcoin (BTC) market depth, inside 1% of the value, had rebounded to a day by day common of $13 million simply 30 days after the hack.
Altcoin liquidity additionally rebounded, though at a slower tempo than Bitcoin. The market depth for the highest 30 altcoins by market capitalization has regained over 80% of its pre-hack ranges.
The swift restoration is partly credited to Bybit’s Retail Worth Enchancment (RPI) orders, a function designed to draw institutional liquidity. These specialised orders helped stabilize market situations when liquidity was most strained.
As non-RPI liquidity briefly diminished after the hack, RPI orders performed a vital position in stabilizing buying and selling situations and enhancing pricing effectivity.
Whereas infrastructure hardening was a spotlight, Bybit warned that hackers are more and more exploiting human errors as a substitute of protocol vulnerabilities.
There’s a rise in “extra subtle assaults,” with hackers impersonating massive manufacturers and protocols, a Bybit spokesperson informed Cointelegraph, including:
“Whereas system-level intrusions stay a priority, attackers are more and more focusing on the human ingredient because the weakest hyperlink within the safety chain.”
The shifting assault vectors sign that good contracts and blockchain infrastructure are now not the weakest hyperlink, as attackers more and more exploit “human behaviour somewhat than code,” Ronghui Gu, the co-founder of CertiK, informed Cointelegraph.
Journal: US dangers being ‘entrance run’ on Bitcoin reserve by different nations: Samson Mow
