BitcoinWorld The Billion-Dollar Heist and What It Means for Crypto Security: Bybit’s Security Overhaul After Hack DUBAI , UAE , June 4, 2025 /PRNewswire/ — Bybit , the world’s second-largest cryptocurrency exchange by trading volume, has been writing a new page of central exchanges’ (CEX) security playbook in its battle against cyber attacks. Apart from the on-going fund recovery mission, Bybit has revealed a three-dimensional revamp of its safety guardrails: security audits, wallet fortifications, and infosec upgrade. In February, Bybit was subjected to a sophisticated multi-stage attack which turned out to be the largest hack known to crypto . While the hack, caused by a compromised external multi-signature service, did not breach Bybit’s infrastructure or core security parameters, the exchange has taken extra steps to enhance its security setup and platform integrity. Approaching the challenges from three key aspects, Bybit proactively elevated its safety standards in the weeks that followed. 1. Closing Gaps: Security Audits While still recovering from the hack, Bybit immediately sought to conduct evaluations of its systems and processes simultaneously. Within a month of the hack, Bybit concluded nine security audits conducted by in-house specialists and independent external experts, and implemented over 50 new security measures and recommendations. 2. Safer Cold Wallet Solutions At the time of the incident, Bybit followed industry best practices in wallet safety. However, the event demonstrated the severity of the cyber security arms race as more powerful hacking groups entered the scene. Bybit has since adopted more stringent cold wallet solutions to minimize the attack surface to enhance procedural , algorithmic , and hardware safety. The three-dimensional framework includes a revamped authorizations OSP (Operational Safety Procedure) mandating full-journey supervision by security experts, increased wallet protection using the MPC (Multi-Party Computation) model, and consolidating HSM (Hardware Security Modules) to achieve hardware-level safety. 3. All Encrypted: Bank-Grade InfoSec As a leading player in the cryptocurrency space, Bybit has built in encryption by default . Bybit is ISO/IEC 27001 certified for its information security risk management, the highest standard in the sector adopted by major financial institutions. All communications are end-to-end encrypted including non-customer facing exchanges, with file systems optimized for encrypting data at rest. “In security, we are only as strong as our weakest link. Bybit has doubled down on fortifying our platform and procedures in the past two months in response to an increasingly challenging security landscape,” said Ben Zhou , co-founder & CEO at Bybit . “We will continue to deliver secure, trust-worthy, and user-friendly trading solutions that live up to our customers’ expectations,” he said. The immediate aftermath of crypto’s most drastic hacking incident was brief, as Bybit was able to stay fully operational while fulfilling a record number of withdrawals in the first 12 hours. The exchange absorbed the damages and customer assets were ring-fenced from the incident. A hunt for the stolen funds is on-going on Bybit-led open platform for illicit fund tracing, Lazarus Bounty , where over $2.3 million in bounty rewards has been distributed to date. Bybit has also come forth with full transparency including fresh proof-of-reserves exercises, and regained its leading positions across benchmarks, achieving No. 1 in capital inflows among CEX in March . A recent report by Kaiko corroborated the 30-day recovery, demonstrating Bybit’s liquidity resilience. The long-term impact, however, will send ripples through the industry as CEX are compelled to think about their security and risk management and stay a step ahead of malicious actors. #Bybit / #TheCryptoArk About Bybit Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com . For more details about Bybit, please visit Bybit Press For media inquiries, please contact: media@bybit.com For updates, please follow: Bybit’s Communities and Social Media Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube This post The Billion-Dollar Heist and What It Means for Crypto Security: Bybit’s Security Overhaul After Hack first appeared on BitcoinWorld and is written by chainwire
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As Bitcoin (BTC) gradually approaches its previous ATH of $111,000, the overall uptrend is expected to continue. At this point, one of those who expected the rise to continue was the giant Swiss bank Sygnum Bank. Accordingly, Sygnum Bank noted in its June report that institutional interest in Bitcoin is increasing. Bitcoin's circulating supply is shrinking rapidly, paving the way for potential price increases as demand continues to rise, banking analysts said. It was stated that the main reason for the decrease in supply is the increasing institutional demand and the expansion of Bitcoin acquisition vehicles such as ETFs and corporate treasury strategies. Noting that since late 2023, Bitcoin balances on exchanges have decreased by approximately 1 million BTC, analysts argued that this situation is considered positive for the BTC price. “Over the past 18 months, Bitcoin’s liquidity has decreased by 30% due to expanding institutional adoption and the emergence of investment products. Bitcoin's rapidly shrinking liquid supply creates the conditions for demand shocks and upward volatility.” The giant bank also said that Bitcoin statements made by global government organizations also strengthened the outlook. Recently, three US states passed bills allowing for strategic Bitcoin reserves, while a few countries, such as Pakistan, have also announced that they are considering BTC reserves. At this point, Sygnum said, “Official purchases have not started yet, even the news has a positive effect on BTC. If purchases start, it will be a very important catalyst for price increase as well as increasing demand.” Sygnum analysts recently stated that they expect more upside in Bitcoin, saying, “In the past, Bitcoin carried a greater downside risk, but now the upside potential is stronger.” *This is not investment advice. Continue Reading: Is the Stage Set for a Major Rise in Bitcoin? Swiss Giant Bank Announced!
Riley Graebner, CLO, and Paul Bland, CFO at MindsEye, departed Build a Rocket Boy developer yesterday, just a week before the release of the MindsEye game. Gamers on the MindsEye Discord channel have expressed concerns, suspecting a possible company internal difference. The game is expected to be released on the 10th of this month. The MindsEye game recently received adverse reactions from gamers online before its release. The company CEO, Mark Gerhard, suggested that most of the people driving negative feedback were sponsored by someone. Gamers suspect possible internal differences at the MindsEye developer Riley Graebner, now a former CLO at Build a Rocket Boy (BARB), said he was proud of what the team had accomplished while he was at the company. He added that the company had doubled in size to over 450 employees. However, he did not mention the reason for his departure and urged the online community to stay tuned for more updates. MindsEye—a game so real executives are fleeing the studio a week before launch! Who needs stable leadership when you have suspense? Will it release or disappear into the ether? Grab your popcorn, folks! 🍿💀 — tacetmort3m (@tacet_mort3m) June 4, 2025 Graebner said he has launched multiple products worldwide and built the legal team and legal operation infrastructure from the ground up to systemize and automate. Paul Bland, CFO at BARB, also left after being in the company for two years. He didn’t publicly declare that he was going but updated his LinkedIn profile today to indicate his departure. His LinkedIn page is unavailable, but the account remains on a different URL. Members of the MindsEye Discord channel have shown concern. One member attributed the reason for the departure as a potential internal affairs difference, or they don’t want to deal with possible legal issues if MindsEye comes out broken. According to another member, He believes that people don’t bail out just before the release of a hit, especially in an executive role. Currently, MindsEye has fallen off the radar. According to a gamer on the MindsEye subreddit , BARB has done a poor job of explaining the game. He added that the posted trailer only has buzzwords and unexplained features. According to the gamer, BARB has failed to show off the game, with a few days left before its release. MindsEye is set to launch on June 10 despite developing stories of executive departures from BARB The game released a trailer on May 27 showing a gameplay overview. The trailer received mixed feedback, but Mark Gerhard, the BARB CEO, defended the project, hinting that former rival Rockstar Games may have sponsored the comments. Leslie Benzies, the director behind MindsEye and former producer at GTA , spoke on the game’s campaign length. According to Benzies, the game storyline could take approximately 20 hours. He assured the gaming community that the studio would gradually add content, including multiplayer and a traditional open world. The game will debut on PlayStation 5, Xbox Series X/S, and PC via Steam and Epic Games Store, priced at $59.99 for the standard edition. The studio revealed that gamers can craft their own experiences using all the tools to create custom missions and new scenarios within the game. The studio added that the game has been designed intuitively and efficiently, ensuring gamers of all skill levels can realize their imaginations. Benzies revealed in an interview with Variety that the vision goes far beyond a single title at BARB. He added that MindsEye is the first episode and the central story around which more episodes will come. He hinted that the company is already working on future episodes to bring alternative realities while maintaining the core themes of hope and redemption. He said the different realities will also keep the plot of past and future civilizations and multiverse concepts. The director added that the concept of MindsEye was derived from all media types, including cinematic visionaries like Ridley Scott, Paul Greengrass, Christopher Nolan, and J.J. Abrams. He also mentioned films like The Bourne Identity, Memento, and the TV series Lost, which inspired the creation of MindsEye. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More
Big players in the crypto world are making strategic moves. Sui , Sei , and Injective have captured their attention. Curious about the secrets behind these choices? Discover the potential these coins hold and why they are poised for growth. This article dives deep into the reasons making these digital currencies stand out. Sui Sees Substantial Decline and Key Levels to Monitor Sui has experienced a slight stabilization over the past month, with nearly no change in price. However, the last six months show a significant decline of about 22.55%. A 10.79% drop in the last week highlights the coin's vulnerability, despite some short-term steadiness. The combination of negative momentum and oscillator readings indicates that bearish sentiment has influenced market behavior during this period. Currently, Sui is trading between $2.77 and $4.01, facing a clear resistance at $4.77 and a secondary cap at $6.01. Lower support rests near $2.29, with an additional cushion at $1.05 if prices slip further. With negative readings from indicators and an RSI around 41.90, the market leans bearish. Traders should monitor the $2.29 support closely; a break below may intensify declines, while a sustained move above $4.77 could suggest a reversal and potential uptrend. Caution is advised as the current situation suggests a range-bound trading opportunity until a clear trend develops. Sei Crypto Analysis in a Bear-Dominated Environment Sei experienced a notable monthly drop of 1.56% and a steep weekly decline of 11.04%. Over the past six months, SEI suffered a significant decrease of 71.32%, indicating a challenging period for investors. The price fluctuated between $0.16 and $0.25 during this phase, reflecting turbulent market behavior. This data shows a clear pattern of short-term volatility compounded by long-term bearish pressure. Current price action places key support at $0.13 and primary resistance at $0.31, with lower levels at $0.04 and higher resistance at $0.40. Price movements remain confined within these levels while technical indicators indicate waning momentum. The RSI is at 41.60 and the Awesome Oscillator is at -0.03, suggesting bears are in control. Trading strategies may focus on testing the 0.13 support for potential rebounds or following a break above $0.31 to signal a shift. Injective INJ: Analyzing Recent Trends and Current Price Action Injective experienced a significant rebound in the last month, rising by over 40% after facing a steep decline of nearly 60% over the past six months. This volatility is evident with a recent one-week drop of about 11%. Historical movements indicate a pattern of rapid recoveries amidst broader market declines. This behavior highlights Injective's tendency to demonstrate high volatility, often marked by swift price changes. Injective is currently trading between $8.82 and $15.47, with immediate resistance at $18.81 and support at $5.50. The market displays mixed signals as the Awesome Oscillator is slightly positive while the Momentum Indicator is negative. The Relative Strength Index hovers around neutral, suggesting bears remain active. Traders may consider entering positions on retests of $5.50 or taking profits near $18.81, creating tactical opportunities amid the lack of a clear trend. Conclusion SUI , SEI , and Injective have drawn attention due to their unique features and strong potential. These assets offer promising technology and innovative solutions, making them appealing choices for large investors. Their growth prospects and market relevance position them as significant players in the cryptocurrency field. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.