The following is a guest post from Michael Egorov, Founder of Curve Finance.
The recent Bybit hack saw a grand total of $1.5 billion lost in crypto assets and has become the biggest hack in the entire history of this industry. The thing that makes this breach particularly concerning is that hackers targeted Bybit’s cold storage — typically the most secure part of an exchange’s infrastructure.
While Bybit moved quickly to replenish its reserves with the help of partners, the whole event still left many people shaken up. This situation once again raises security concerns. How vulnerable are crypto exchanges and what lessons should the industry take from this breach?
The Growing Risk to CEX Platforms
The way I see it, this incident is more than just another attack — it’s a wake-up call exposing the systemic security flaws of centralized exchanges. Despite implementing strict security measures, CEX platforms remain prime targets for hackers. Why? Precisely because of their cen
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