Bybit News: Lessons Learned from the $1.5 Billion Hack and the Future of Crypto Security

A major hack on the Bybit cryptocurrency exchange has rocked the industry, leading to a reevaluation of security measures. Here’s a summary of the key details and the important lessons learned.

The Future of Crypto Security – Lessons from the Bybit Hack

The $1.5B Bybit hack served as a wake-up call for the crypto industry, exposing vulnerabilities in cold wallets and multisig protection. Key lessons include the importance of securing key holders, as multisig is useless if they are compromised. Hackers manipulated the signing interface to make transactions appear legitimate, targeting human error. The attack happened during a fund transfer to a warm wallet, highlighting that even offline storage isn’t SAFE if transaction signing is manipulated. Bybit processed 350K withdrawals in 10 hours.

Hedera (HBAR) Price Prediction for March 24

In the past 24 hours, the price of Hbar attempted to surge above $0.2 but faced a rejection, recording a gain of 5.8% to reach a high of $0.195. The trading volume for Hedera surged by 37% to $212.81 million. Looking at a longer timeline, Hedera’s price has been decreasing since December 3, 2022, when it dropped below $0.39. On February 3, the price crashed heavily, dropping below $0.2, and the Bybit hack pushed it further below this level. In the last 24 hours, Hedera’s market capitalization increased by 5.6% to $8.17 billion. HBAR is experiencing increased upward volatility as it approaches the critical $0.2 level, with sellers working to keep the price beneath Fibonacci channels.