Bybit's $1.4B Crypto Hack
This is a Dubai news story, published by CoinGape, that relates primarily to Gracy Chen news.
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Bybit Hack: Bitget CEO Gracy Chen on Support and Web3 Security
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Bybit, the prominent Dubai -based and second -largest cryptocurrency exchange in the industry, suffered one of the largest hacks in crypto history on Friday last week .
Hackers gained access to one of Bybit’s Ethereum cold wallets, stealing $1.4 billion worth of crypto assets.
Bitget CEO Gracy Chen discusses the challenges to be resolved for the Crypto Security and the requirement of a collective approach to prevent such hacks.
The hack exposed vulnerabilities in the Centralised Exchanges (CEXs) infrastructure.
The exact cause of the hack is yet to be identified despite various suggestions coming up.
CEO Gracy Chen on the menace of hacks in Web3 Industry says, “Crypto industry is still an emerging space even though it holds over a trillion dollars worth of assets.