Bybit, the world's second largest cryptocurrency exchange through trading volume, resulted in a comprehensive security overhaul in February after its $ 1.4 billion.
On February 21, Bitbit was chopped for over $ 1.4 billion in liquid ether (Steth), Mantle ETH (Meth) and other ERC-20 tokens, which was one among the best security violations in crypto history.
In order to strengthen the defense, Bitbit has implemented a three-track security upgrade, which after an announcement of June 4 with cointelegraph appealed a thorough-aged security improvements that aimed for security audits, to-pocket drive and enhancements to information security.
Within a month after the violation, the stock exchange has accomplished nine security audits, which were carried out by internal specialists and independent external experts, which led to the implementation of fifty latest security measures, in response to the announcement.
Bybit Independent Audit Reports Source: Bybit app
Protection and certifications of the cold wallpaper
On the hardware front, Bitbit has tightened cold items of pockets, introduced a revised surgical security procedure that prescribes an entire supervision by security experts during your complete wallet process, and took over a multi -party calculation to further improve the protection of the wallet.
In addition, hardware security modules were consolidated to offer the next level of hardware security.
Bybit now holds ISO/IEC 27001 certification for risk management for information security. It also means encrypting all internal and customer communication and data storage.
Liquidity recovery and Lazarus Bounty Program
Despite the attack, Bitbit has almost returned to the curd liquidity levels, and his Lazarus bounty initiative continues to pursue the stolen funds. So far, over 2.3 million US dollars have been distributed to Bounty Rewards as a part of this system.
Kaiko's report on Bitbit's liquidity showed that the market depth of Bitcoin (BTC) was recovered to a day by day average of $ 13 million inside 1% of the value just 30 days after the hack.
Altcoin liquidity also recovered, albeit slower than Bitcoin. The market depth for the 30 top altcoins through market capitalization has restored over 80% of the curtach level.
The Swift recovery is partially attributed to the orders to enhance retail prices (BYBIT), a function that draws institutional liquidity. These special orders contributed to stabilizing the market conditions when liquidity was most tense.
When the non-RPI liquidity after the hack temporarily decreased, RPI orders played a decisive role in stabilizing the trade conditions and improving price development.
While the infrastructure hardening was a spotlight, Bybit warned that hackers are increasingly making the most of human mistakes as an alternative of logging.
There is a rise within the “more demanding attacks”, with Hacker imitating large brands and protocols, said a Bitbit spokesman CoinTelegraph and added:
“While intrusions remain an issue on the system level, attackers are increasingly specializing in the human element because the weakest connection in the safety chain.”
The vectors of adjusting attacks signal that intelligent contracts and the blockchain infrastructure aren’t any longer the weakest connection, since attackers are increasingly exploiting “human behavior as an alternative of code”, Ronghui Gu, the co-founder of Certik, told Cointelegraph.
