When the ByBit hack, a major security breach at one of the world’s top cryptocurrency derivatives exchanges. Also known as the 2024 ByBit incident, it wasn’t just another stolen wallet—it was a systemic failure that forced the entire industry to rethink cold storage, multi-sig controls, and employee access. Unlike small DeFi exploits, this wasn’t a smart contract bug. It was an inside job that slipped past layers of security designed to stop outsiders. The hackers didn’t brute force their way in—they tricked a trusted employee into granting access. That’s the scary part: the weakest link wasn’t the code, it was the person.
What followed exposed how many exchanges still treat security like a checkbox. Crypto exchange security, the set of practices and technologies used to protect digital assets from theft, fraud, and unauthorized access was supposed to include cold wallets, hardware security modules, and time-delayed withdrawals. But in practice, too many platforms rely on a single layer of protection—like a single private key stored on a server that someone could access remotely. The exchange hacks, targeted attacks on centralized cryptocurrency platforms resulting in the loss of user funds that came before ByBit—Mt. Gox, Coincheck, FTX—followed the same pattern. Human error. Poor oversight. No real accountability.
After the ByBit hack, users didn’t just lose money—they lost trust. And that’s harder to rebuild than any firewall. The exchange responded quickly: they covered all losses from their own reserves, froze withdrawals, and hired third-party auditors. But the damage was done. Other platforms scrambled to prove they weren’t next. Some added mandatory multi-person approvals for fund movements. Others started using geofenced access controls and biometric verification for internal staff. The cryptocurrency theft, the illegal acquisition of digital assets through hacking, phishing, or insider collusion didn’t stop—but the playbook changed. No exchange could afford to say "it won’t happen here" anymore.
What you’ll find in these posts isn’t just about ByBit. It’s about the bigger picture: how exchanges get hacked, why some platforms survive while others collapse, and what you can do to protect yourself when you’re not the one holding the keys. From P2P trading under sanctions to airdrop scams and TVL manipulation, every story here connects back to one truth: in crypto, security isn’t optional. It’s the only thing that keeps you in the game.
North Korea bans crypto for its citizens but runs the world’s most aggressive state-sponsored hacking operation, stealing over $2.17 billion in 2025 to fund its nuclear program. This is how they do it - and why it matters to everyone.
