The post Bybit Strengthens Security After Massive Financial Loss appeared on BitcoinEthereumNews.com.

Following a staggering loss of $1.45 billion due to a cyber attack in February 2025, Bybit Fintech Limited has announced a series of enhanced security measures aimed at safeguarding its users’ digital assets. The company is partnering with Zodia Custody to establish a more secure framework for asset management. What Security Enhancements Are Being Implemented?How Will This Benefit Institutional Clients? What Security Enhancements Are Being Implemented? This initiative focuses on the segregation of crypto assets, significantly reducing the risk of future breaches. Zodia Custody will provide a structured alternative to conventional exchange wallets, benefiting from the backing of several prominent financial institutions. Bybit Fintech Limited: We are strengthening our security measures to protect our assets. The attack that led to such a considerable loss was significant in the crypto sphere, as the FBI has attributed it to the notorious North Korean Lazarus Group. This incident has underscored the urgent need for a comprehensive review of security shortcomings within the industry. How Will This Benefit Institutional Clients? The newly established system allows institutional clients to maintain independent control over their assets while trading through Bybit. This design aims to alleviate the risks traditionally tied to funds held directly on exchanges. Moreover, this service enables clients to keep their assets segregated during transactions without the requirement of pre-funding their accounts. This mechanism is intended to offer an additional layer of security against potential vulnerabilities. Market analysts suggest that these proactive measures may lead to a more structured environment for crypto transactions and boost user trust. The objective is to shield institutional clients from challenges typically faced on centralized exchanges. With the rise of cybersecurity threats and fraudulent activities, Bybit’s updated security protocols are expected to bring substantial benefits not only for clients but for the broader crypto market as well. The steps…

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Filed under: News - @ April 4, 2025 4:17 am