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If someone with deep experience in cross-chain crypto exchanges within Telegram Mini apps, I want to share my insights into the current state of crypto protection and important measures to prevent cyber attacks.
The recent hack of the BYBIT exchange on February 21, 2025 has again emphasized the significant impact of cyber attacks on the cryptocurrency market.
This incident which resulted in the theft of approximately $ 1.5 billion in Ethereum (ETH) is the largest digital robbery in the history of cryptocurrency.
Let us investigate some interesting statistics and data on cyber attacks in the crypto space and their consequences.
Scale and frequency of attacks and market impact
The Bybit -Hack is part of a worrying trend of increasing cyber attacks on cryptocurrency platforms.
In 2024, North Korea-connected hackers alone stood around $ 1.34 billion in 47 incidents, an increase of 102.9% compared to the $ 660.5 million stolen in 20 incidents in the previous year.
The Bybit -Hack in 2025 has already surpassed the full amount by Noord -Korea in 2024 Almost $ 160 million.
The immediate market reaction on the Bybit -Hack showed the volatility that such incidents can cause, including the following.
- ETH fell by 4.2% from $ 2,828 to $ 2,708 within a few minutes after the announcement.
- A short rebound of 3.4% followed, which reduced the price to $ 2,759.
The first decrease in the ETH price was followed by a fast rebound, fed by speculation that BYBIT ETH should buy on one-on-one basis for compensating affected users.
Bybit has provided a bridging loan for 80% of the lost ETH, as clarified by Ben Zhou, co-founder and CEO of Bybit, during a live stream.
He also stated that Bybit had no immediate plans to buy large quantities of ETH on site.
This news caused a rapid shift in market sentiment from Bullish to Bearish, due to the hacker that the stolen ETH and a general increase in risk aversion would sell with investors.
Types of cyber attacks
Although earlier large hacks are often on vulnerabilities focused in smart contract code or cross-chain bridges, the Bybit incident is a shift to focusing on the human element.
- The attackers used Social Engineering tactics to jeopardize the user interface of the Exchange.
- They manipulated cold wallet signatories to authorize malicious transactions.
This trend is consistent with research that shows a shift from traditional security attacks to more advanced methods.
In terms of the amount that is stolen per type of victim platform, 2024 also showed interesting patterns.
In most quarters between 2021 and 2023, Defi platforms (decentralized finances) were the most important target of crypto -hacks.
It is possible that Defi -platforms were more vulnerable because their developers tend to prioritize rapid growth and bring their products to the market than implementing security measures, making them excellent goals for hackers.
Although Defi was still responsible for the largest share of stolen assets in Q1 2024, centralized services were most focused in Q2 and Q3.
This shift in focus from Defi to centralized services emphasizes the increasing importance of security mechanisms that are usually exploited in hacks, such as private keys.
Private key compromises were good for the largest share of stolen crypto in 2024 at 43.8%.
For centralized services, guaranteeing the security of private keys is crucial because they control access to users’ assets.
User training critical component
While exchanges bear a considerable responsibility for security, user education plays a crucial role. Extensive educational initiatives must equip users with the knowledge to do the following.
- Make and manage strong, unique passwords
- Recognizing tactics and phishing attempts from Social Engineering
- Understand the importance of regular backups
In conclusion, the Bybit -Hack is a strong memory of the continuous security challenges in the cryptocurrency space. As the market continues to grow, it will also be the methods used by hackers.
It is absolutely necessary for the industry to stay ahead of the curve by taking on advanced technologies, promoting cooperation and continuously training users.
By implementing extensive security measures and staying vigilant, we can work on creating a safer environment for all participants in the crypto ecosystem.
Valeriy Yasakov is the CEO of The only onea pioneer Mini app on Telegram designed for crypto -trade. A visionary entrepreneur, Valeriy combines technical expertise with strategic foresight to stimulate progress in decentralized financial and trade solutions through his leadership roles.
Generated image: midjourney
Credit : dailyhodl.com
