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SA crypto exchanges review security after R27.5bn hack at Bybit
- South African crypto exchanges are reviewing their security measures following the massive $1.5 billion hack at Bybit.
- Bybit, the world's second-largest exchange, fell victim to a highly sophisticated attack while moving funds between wallets.
- Over 400,000 ethereum and stETH were stolen in the hack, prompting Bybit to launch a recovery program.
- The US Department of Justice implicated North Korea's Lazarus Group in the hack and is working to freeze the stolen funds.
- Industry experts emphasize the need for proactive security measures in crypto exchanges to counter evolving hacker threats.
- Local crypto providers like Valr and AltCoinTrader emphasize their commitment to robust security protocols and risk management.
- Providers like Luno and 80eight highlight their security procedures to safeguard against similar vulnerabilities and attacks.
- The Bybit incident underscores the importance of industry-wide collaboration and innovation to enhance security practices.
- Exchange CEOs commend Bybit's transparent handling of the hack and stress the community's united response to investigate the breach.
- Bybit's breach serves as a lesson for all exchanges to fortify security mechanisms and remain vigilant against emerging cyber threats.
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