Crypto Firms Still Lag in Security Despite $1.4B Bybit Hack

• As per the reports from PeckShield, around $360 million in digital assets were stolen by 18 hacking events in the last month.  
• The overall losses reported in April were on a surge of 990% as compared to March. In March, the total losses were estimated at $33 million. 

The Chief Executive Officer of Hacken, Dyma Budorin, claims that crypto firms are still not serious about cybersecurity, despite big hacks such as the $1.4 billion hack of Bybit. He further added that the industry continues to be dependent on restricted steps like bug bounties and penetration tests. 

Instead of this, they should impose comprehensive, layered security strategies. He also mentioned that crypto firms don’t limit themselves here and should adopt more layered approaches similar to traditional industries. 

The approaches should include supply-chain security, operational security, and blockchain-targeted security assessments as these are mandatory in bih Web2 firms. As crypto security approaches haven’t seen any changes, the post-hack security approaches seem tighter. 

Blacklisting accelerates but crypto security remains same 

Budorin asserted that he noted some changes in the post-hack security. He highlighted the approach of Chainalysis of introducing a near real-time blacklisting of stolen funds and this small advancement can lead to a great progress in crypto security.

He also contrasted with the previous actions of the platform when it was blacklisting within three days when the funds were transferred. And, this was nothing as hackers got ample time to launder the funds. 

In February 2025, the industry witnessed the biggest hack of all time, having $1.4 billion in stolen funds being laundered through a safe wallet vulnerability. The bad actors laundered every penny of the stolen money in the duration of 10 days. 

As blacklisting process has been advanced, still it doesn’t tackle the deep rooted structural risks. And in terms of the practice, cybersecurity, everything still remains the same. As per the reports from PeckShield, around $360 million in digital assets were stolen by 18 hacking events in the last month.  

The overall losses reported in April were on a surge of 990% as compared to March. In March, the total losses were estimated at $33 million. 

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