The post 3 Best Bybit Alternatives As Top CEX Is Hacked appeared on BitcoinEthereumNews.com.

Tier-1 CEX Bybit fell prey to North Korea’s Lazarus group in what is being considered the biggest crypto hack in history.  Bybit CEO Ben Zhou reported that nearly $1.5 billion in Ethereum and ETH-based crypto assets were stolen from one of CEX’s cold wallets through a masked UI attack. The exchange kept withdrawals active and revealed sufficient ETH reserves to cover the losses, both moves aimed at assuaging community concerns.  Zhou reported early Saturday morning that all withdrawals had been processed and the system was now operating without delays. However, smart money investors are still advising users to withdraw their assets from Bybit until the CEX completes a thorough security audit.  Top 3 Bybit Alternatives The $1.4 billion hack has forced users to take a look at Bybit’s alternatives.  In particular, three brands have emerged as standout choices.  Uniswap Following the Bybit hack, there is an increased demand for DEXs, particularly Uniswap.  Unlike Bybit and other CEXs, DEXs don’t hold users’ funds and, therefore, do not offer any centralized targets.  As with every high-quality DEX, Uniswap uses a self-custody model. This means users’ private keys do not leave their devices, giving them full control of their assets.  As such, Uniswap is known for its state-of-the-art security protocol. This includes regular security audits and transparency through source-available code. Moreover, it uses encryption to protect user data and transactions.  Despite the high trading cost, Uniswap could see a massive surge in deposits as users migrate from CEXs to DEXs in response to the Bybit hack.  Hyperliquid Hyperliquid is a cutting-edge decentralized exchange built on its own high-performance Layer-1 chain, HyperEVM. The exchange claims to offer the best of both CEXs and DEXs—with the users benefitting from fast speeds, low fees, low latency and advanced features like perpetual trading derivatives.  Moreover, Hyperliquid has…

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Filed under: News - @ February 22, 2025 10:18 am