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How to store cryptocurrency after the Bybit hack | Kaspersky official blog
- Bybit, the world’s second-largest crypto exchange, was subject to a $1.5 billion heist, highlighting flaws in the crypto ecosystem and revealing lessons for users.
- The attackers compromised a Safe{Wallet} developer machine to carry out the theft by manipulating transactions.
- Bybit employees unknowingly green-lighted a malicious smart contract, resulting in the theft of funds from a cold wallet.
- The FBI identified a North Korean group as the perpetrators, known for sophisticated cryptocurrency theft tactics.
- The hack emphasizes the challenges in securing blockchain transactions and the limitations in canceling or refunding transactions.
- Bybit responded by compensating losses and initiating a bounty program for funds recovery, encouraging self-custody of assets in the future.
- Self-custody of cryptocurrency assets requires secure measures like using hardware wallets, storing seed phrases offline, and diversifying wallets.
- Strict digital hygiene, dedicated computers for transactions, and cautious software practices are recommended for secure self-custody.
- Users are advised to follow enhanced security measures, detect phishing attempts, and stay informed about crypto scams to protect their investments.
- The incident with Bybit underscores the importance of individual responsibility and vigilance in safeguarding cryptocurrency assets.
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