Bybit, the world's second-largest cryptocurrency exchange, has announced new security measures following the $1.4 billion hack in February. The attack targeted liquid-staked Ether (STETH), Mantle Staked ETH (mETH), and several ERC-20 tokens, making it one of the most significant crypto hacks to date. The exchange unveiled a new set of security measures designed to protect users and restore confidence.
Following the February 21, breach Bybit performed nine separate security checks in just one month. The companies used both in-house teams and external cybersecurity experts. Following the process, 50 new safety procedures were implemented to enhance security against future attacks.
The company also improved cold wallet protections by tightening operational procedures. A new policy requires security experts to closely supervise all wallet activities. Bybit has introduced multiparty computation technology to strengthen wallet security further. It also consolidated hardware security modules to ensure better protection at the physical hardware level.
In addition, Bybit has obtained ISO/IEC 27001 certification for risk management, relating to its compliance with international security guidelines. All internal and customer communications, as well as stored data, are encrypted to enhance privacy and safeguard sensitive information.
After the hack, Bybit has nearly restored its liquidity to pre-hack levels. According to a report by Kaiko, liquidity on Bybit reached approximately $13 million in trades executed within 1% of the price by the 30-day mark following the hack. Altcoin liquidity showed signs of recovery, albeit at a slower rate, regaining over 80% of its prior market depth for the top 30 altcoins.
Bybit’s Retail Price Improvement (RPI) orders helped to stabilize the market. Because these types of orders drew in larger amounts of liquidity, trading was balanced even when the market’s liquidity was reduced after the attack. The exchange’s LazarusBounty program continues to track the stolen funds, distributing over $2.3 million in bounty rewards to date.
While Bybit focused on infrastructure hardening, the exchange warns that cybercriminals are shifting tactics. A spokesperson told Cointelegraph that attackers now exploit human vulnerabilities more often than technical weaknesses. Hackers are increasingly likely to impersonate popular brands or protocols to deceive users.
Ronghui Gu, co-founder of CertiK, noted that hackers increasingly focus on exploiting human behavior instead of targeting blockchain or smart contract code. This evolution suggests that cyber threats in the crypto sector are changing. Bybit is strengthening its defenses and vigilantly observing these sophisticated threats to safeguard user assets moving forward