Bybit News: ZachXBT Criticizes Pseudo-DeFi Protocols for Profiting from North Korea Exploits

In a recent development, blockchain investigator ZachXBT has slammed pseudo-decentralized finance (DeFi) protocols for capitalizing on exploits backed by North Korea. This revelation comes amidst the massive $1.5 billion hack of the Bybit exchange, which has raised concerns about the overall security of the cryptocurrency industry.

ZachXBT Slams Pseudo-DeFi Protocols for Profiting from North Korea Exploits

Blockchain sleuth ZachXBT has criticized pseudo-decentralized protocols for profiting from North Korea-backed exploits. In a Telegram post, ZachXBT called the nearly $1.5 billion Bybit hack ’eye opening’ and warned that the crypto industry’s security problems might not improve without government regulations. According to ZachXBT, several ’decentralized’ protocols have generated nearly all of their monthly volume and fees from transactions linked to North Korea.

Bybit Crypto Hack: Preventive Security Measures Needed

The recent hack on Bybit that resulted in the theft of $1.5 billion worth of digital assets highlights vulnerabilities in multi-signature authorization and UI spoofing tactics. The attack deceived users into believing they were transacting with the correct address when the interface had been manipulated. Security is crucial in the fast-paced environment of digital asset exchanges.