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Bybit Fintech Limited announced it would enhance security measures following a significant $1.45 billion loss due to an attack in February 2025. The company decided to collaborate with Zodia Custody to ensure a safer environment for its customers’ assets.
Bybit’s Security Measures
This new initiative aims to segregate crypto assets and minimize potential risks. Zodia Custody, supported by major financial institutions, aims to offer a more distinct structure compared to traditional exchange wallets.
Bybit Fintech Limited: We are strengthening our security measures to protect our assets.
The attack in question was notable in the history of the crypto market, with the FBI linking it to the North Korean Lazarus Group. This announcement highlighted the need for a thorough examination of security vulnerabilities across the industry.
New Approach for Institutional Clients
The newly introduced system allows institutional clients to independently hold their assets in Zodia Custody while trading on Bybit. This approach seeks to minimize risks associated with funds stored directly on exchanges.
Additionally, with this new service, investors can hold their assets separately during trades without needing to pre-fund their accounts. This mechanism aims to provide an extra layer of security against risks.
Market observers believe that these measures could create a more organized structure in crypto asset transactions and enhance investor confidence. The goal is to protect institutional investors from potential issues that could arise on centralized exchanges.
In light of increasing cyber threats and fraud cases, Bybit’s update in the security domain is anticipated to yield positive results for both investors and the industry. The measures taken aim to mitigate the impacts of similar incidents in the future.
