Historic ByBit Hack: How to Secure Your Cryptocurrency Wallet?

ByBit suffered the biggest hacking in its history on February 21, with $1.5 billion worth of Ethereum being stolen by the Lazarus Group , a North Korean hacking group.

This unprecedented attack occurred during a normal maintenance exercise for the Exchange, in which hackers managed to manipulate transactions and gain access to a cold wallet, having transferred 401 thousand Ethereum tokens to unknown wallets.

All in all, this was one of the biggest thefts ever in the crypto sector, which even sent shockwaves through the American stock market: after a widespread correction of around 10% in a large number of stocks on Friday, many feared the beginning of a bear market. But the Bybit hack may have had an influence on this.

How to protect yourself from crypto hacking? Best Wallet with solution

In fact, buying Ethereum with a Bybit card, or by accessing spot trading to acquire Bybit Ethereum, is one of the most widely used methods. Despite Bybit's assurances, there are still trust issues.

Here's how Bybit and Best Wallet compare in terms of security:

Security Criteria	Bybit	Best Wallet
Fund protection	1:1 coverage	Adoption of MPC, 2-step authentication and single identity verification
Governance protocols	Not indicated	Proprietary system
Custody	Cryptocurrencies stored in Bybit's cold wallet	Cryptocurrencies stored in users' own soft wallet, with full custody guarantee
Buying cryptocurrencies	Normal market access via spot trading, futures and derivatives	Intermediation in market access, with privileged access to pre-sales, and mediation of secure transactions

Best Bybit Alternatives for Buying Cryptocurrency

Bybit Angola, Bybit PT and others in other regions act as market aggregators, allowing access to numerous projects from a CEX that charges its own fees. But they are also particularly prone to problems, as we saw with the Bybit hack.

If you want to use native blockchain functionalities to access markets, directly entering the DeFi world without the intermediation of centralized entities, consider these projects:

Solaxy: the best Solana layer 2 project

Solaxy recently launched its pre-sale of $SOLX tokens, which circulate on Solana's layer 2. This is the first project to take full advantage of Layer 2 and leverage the advantages that until now only Ethereum had: storage of smart contracts, meme coins, DeFi projects, but cheaper and more efficient.

Solaxy is one of the most innovative projects in the crypto ecosystem at the moment. Its staking, which ensures governance of the ecosystem, awards rewards of 4,377% per year per validated ETH block.

Furthermore, it has horizontal governance, and is therefore independent of any centralized Exchange and other financial entities.

>>> Meet Solaxy here <<<

Bitcoin Bull: The best Bitcoin meme coin of the year

Bitcoin Bull is the first meme coin associated with Bitcoin, with a deflationary system in its tokenomics to gradually increase the price, in addition to being leveraged by BTC's own growth.

This is the “official” BTC meme coin, which in an initial pre-sale phase is distributing cheap tokens and also plans to launch airdrops under very favorable conditions for initial investors.

Please note that as part of how Bitcoin Bull works, every time Bitcoin reaches a $25,000 increase in value, Bitcoin Bull will burn part of its tokens. This will allow the price of $BTCBULL to skyrocket over time and in a scheduled manner.

>>> Meet Bitcoin Bull here <<<

Best Wallet: The crypto wallet that best protects your funds

Best Wallet is a state-of-the-art crypto wallet that is challenging the dominance of other soft wallets such as Metamask. According to the project's own estimates, Best Wallet has grown by 50% in its number of registered users since last month , and expects to reach 40% of the cryptocurrency market, valued at $11 billion.

With very high APY on staking, community and horizontal token governance, and low transaction fees, Best Wallet is one of the best ways to store your cryptocurrencies.

Among its most impressive features is early access to pre-sales of promising altcoins . As a 100% DeFi and decentralized project, Best Wallet is able to provide privileged and first-hand access to the cryptocurrencies with the greatest growth potential , directly and privately.

>>> Discover Best Wallet here <<<

What happened to ByBit and why is it relevant?

Bybit is one of the largest exchanges on a global scale. While Binance is the market leader, holding 34.7% of the market share and registering more than $17 billion in daily transaction volume , Bybit holds 8.9% of the market share with $1.8 billion transacted daily. Bybit is even ahead of Coinbase, which only has 6.5% of the market share.

Thus, the attack on Bybit was seen as an attack on the entire industry, which was called into question in terms of security and the protective measures in place.

In response to the Bybit hack, the company's CEO, Ben Zhou, assured in a statement that the company remains solvent and that all assets are covered against risk at a 1:1 ratio. Therefore, even if the stolen funds are not recovered, customers will receive their due tokens that are guaranteed by the company.

What will happen to the market after the Bybit hack?

After $1.5 billion was stolen from Bybit Ethereum, it is only natural that its customers would become skeptical about the platform’s security and start transferring funds to other exchanges. This could cause a liquidity problem for the exchange, even though Bybit guarantees full coverage of funds to its users.

But this does not necessarily mean a problem for the industry, since Binance and Coinbase, but also DeFi projects like Best Wallet , will start receiving investments originally deposited in ByBit.

It is true that the crypto sector faces a trust issue due to hacking, which is being reflected in the drop in account creation with Bybit Download. But the industry remains one of the most attractive to young investors, and among more speculative or institutional investors, so the sector will continue to grow.

ByBit suffered the biggest hacking in its history on February 21, with $1.5 billion worth of Ethereum being stolen by the Lazarus Group , a North Korean hacking group.

This unprecedented attack occurred during a normal maintenance exercise for the Exchange, in which hackers managed to manipulate transactions and gain access to a cold wallet, having transferred 401 thousand Ethereum tokens to unknown wallets.

All in all, this was one of the biggest thefts ever in the crypto sector, which even sent shockwaves through the American stock market: after a widespread correction of around 10% in a large number of stocks on Friday, many feared the beginning of a bear market. But the Bybit hack may have had an influence on this.

How to protect yourself from crypto hacking? Best Wallet with solution

In fact, buying Ethereum with a Bybit card, or by accessing spot trading to acquire Bybit Ethereum, is one of the most widely used methods. Despite Bybit's assurances, there are still trust issues.

Here's how Bybit and Best Wallet compare in terms of security:

Security Criteria	Bybit	Best Wallet
Fund protection	1:1 coverage	Adoption of MPC, 2-step authentication and single identity verification
Governance protocols	Not indicated	Proprietary system
Custody	Cryptocurrencies stored in Bybit's cold wallet	Cryptocurrencies stored in users' own soft wallet, with full custody guarantee
Buying cryptocurrencies	Normal market access via spot trading, futures and derivatives	Intermediation in market access, with privileged access to pre-sales, and mediation of secure transactions

Best Bybit Alternatives for Buying Cryptocurrency

Bybit Angola, Bybit PT and others in other regions act as market aggregators, allowing access to numerous projects from a CEX that charges its own fees. But they are also particularly prone to problems, as we saw with the Bybit hack.

If you want to use native blockchain functionalities to access markets, directly entering the DeFi world without the intermediation of centralized entities, consider these projects:

Solaxy: the best Solana layer 2 project

Solaxy recently launched its pre-sale of $SOLX tokens, which circulate on Solana's layer 2. This is the first project to take full advantage of Layer 2 and leverage the advantages that until now only Ethereum had: storage of smart contracts, meme coins, DeFi projects, but cheaper and more efficient.

Solaxy is one of the most innovative projects in the crypto ecosystem at the moment. Its staking, which ensures governance of the ecosystem, awards rewards of 4,377% per year per validated ETH block.

Furthermore, it has horizontal governance, and is therefore independent of any centralized Exchange and other financial entities.

>>> Meet Solaxy here <<<

Bitcoin Bull: The best Bitcoin meme coin of the year

Bitcoin Bull is the first meme coin associated with Bitcoin, with a deflationary system in its tokenomics to gradually increase the price, in addition to being leveraged by BTC's own growth.

This is the “official” BTC meme coin, which in an initial pre-sale phase is distributing cheap tokens and also plans to launch airdrops under very favorable conditions for initial investors.

Please note that as part of how Bitcoin Bull works, every time Bitcoin reaches a $25,000 increase in value, Bitcoin Bull will burn part of its tokens. This will allow the price of $BTCBULL to skyrocket over time and in a scheduled manner.

>>> Meet Bitcoin Bull here <<<

Best Wallet: The crypto wallet that best protects your funds

Best Wallet is a state-of-the-art crypto wallet that is challenging the dominance of other soft wallets such as Metamask. According to the project's own estimates, Best Wallet has grown by 50% in its number of registered users since last month , and expects to reach 40% of the cryptocurrency market, valued at $11 billion.

With very high APY on staking, community and horizontal token governance, and low transaction fees, Best Wallet is one of the best ways to store your cryptocurrencies.

Among its most impressive features is early access to pre-sales of promising altcoins . As a 100% DeFi and decentralized project, Best Wallet is able to provide privileged and first-hand access to the cryptocurrencies with the greatest growth potential , directly and privately.

>>> Discover Best Wallet here <<<

What happened to ByBit and why is it relevant?

Bybit is one of the largest exchanges on a global scale. While Binance is the market leader, holding 34.7% of the market share and registering more than $17 billion in daily transaction volume , Bybit holds 8.9% of the market share with $1.8 billion transacted daily. Bybit is even ahead of Coinbase, which only has a 6.5% market share.

Thus, the attack on Bybit was seen as an attack on the entire industry, which was called into question in terms of security and the protective measures in place.

In response to the Bybit hack, the company's CEO, Ben Zhou, assured in a statement that the company remains solvent and that all assets are covered against risk at a 1:1 ratio. Therefore, even if the stolen funds are not recovered, customers will receive their due tokens that are guaranteed by the company.

What will happen to the market after the Bybit hack?

After $1.5 billion was stolen from Bybit Ethereum, it is only natural that its customers would become skeptical about the platform’s security and start transferring funds to other exchanges. This could cause a liquidity problem for the exchange, even though Bybit guarantees full coverage of funds to its users.

But this does not necessarily mean a problem for the industry, since Binance and Coinbase, but also DeFi projects like Best Wallet , will start receiving investments originally deposited in ByBit.

It is true that the crypto sector faces a trust issue due to hacking, which is being reflected in the drop in account creation with Bybit Download. But the industry remains one of the most attractive to young investors, and among more speculative or institutional investors, so the sector will continue to grow.

ByBit suffered the biggest hacking in its history on February 21, with $1.5 billion worth of Ethereum being stolen by the Lazarus Group , a North Korean hacking group.

This unprecedented attack occurred during a normal maintenance exercise for the Exchange, in which hackers managed to manipulate transactions and gain access to a cold wallet, having transferred 401 thousand Ethereum tokens to unknown wallets.

All in all, this was one of the biggest thefts ever in the crypto sector, which even sent shockwaves through the American stock market: after a widespread correction of around 10% in a large number of stocks on Friday, many feared the beginning of a bear market. But the Bybit hack may have had an influence on this.

How to protect yourself from crypto hacking? Best Wallet with solution

In fact, buying Ethereum with a Bybit card, or by accessing spot trading to acquire Bybit Ethereum, is one of the most widely used methods. Despite Bybit's assurances, there are still trust issues.

Here's how Bybit and Best Wallet compare in terms of security:

Security Criteria	Bybit	Best Wallet
Fund protection	1:1 coverage	Adoption of MPC, 2-step authentication and single identity verification
Governance protocols	Not indicated	Proprietary system
Custody	Cryptocurrencies stored in Bybit's cold wallet	Cryptocurrencies stored in users' own soft wallet, with full custody guarantee
Buying cryptocurrencies	Normal market access via spot trading, futures and derivatives	Intermediation in market access, with privileged access to pre-sales, and mediation of secure transactions

Best Bybit Alternatives for Buying Cryptocurrency

Bybit Angola, Bybit PT and others in other regions act as market aggregators, allowing access to numerous projects from a CEX that charges its own fees. But they are also particularly prone to problems, as we saw with the Bybit hack.

If you want to use native blockchain functionalities to access markets, directly entering the DeFi world without the intermediation of centralized entities, consider these projects:

Solaxy: the best Solana layer 2 project

Solaxy recently launched its pre-sale of $SOLX tokens, which circulate on Solana's layer 2. This is the first project to take full advantage of Layer 2 and leverage the advantages that until now only Ethereum had: storage of smart contracts, meme coins, DeFi projects, but cheaper and more efficient.

Solaxy is one of the most innovative projects in the crypto ecosystem at the moment. Its staking, which ensures governance of the ecosystem, awards rewards of 4,377% per year per validated ETH block.

Furthermore, it has horizontal governance, and is therefore independent of any centralized Exchange and other financial entities.

>>> Meet Solaxy here <<<

Bitcoin Bull: The best Bitcoin meme coin of the year

Bitcoin Bull is the first meme coin associated with Bitcoin, with a deflationary system in its tokenomics to gradually increase the price, in addition to being leveraged by BTC's own growth.

This is the “official” BTC meme coin, which in an initial pre-sale phase is distributing cheap tokens and also plans to launch airdrops under very favorable conditions for initial investors.

Please note that as part of how Bitcoin Bull works, every time Bitcoin reaches a $25,000 increase in value, Bitcoin Bull will burn part of its tokens. This will allow the price of $BTCBULL to skyrocket over time and in a scheduled manner.

>>> Meet Bitcoin Bull here <<<

Best Wallet: The crypto wallet that best protects your funds

Best Wallet is a state-of-the-art crypto wallet that is challenging the dominance of other soft wallets such as Metamask. According to the project's own estimates, Best Wallet has grown by 50% in its number of registered users since last month , and expects to reach 40% of the cryptocurrency market, valued at $11 billion.

With very high APY on staking, community and horizontal token governance, and low transaction fees, Best Wallet is one of the best ways to store your cryptocurrencies.

Among its most impressive features is early access to pre-sales of promising altcoins . As a 100% DeFi and decentralized project, Best Wallet is able to provide privileged and first-hand access to the cryptocurrencies with the greatest growth potential , directly and privately.

>>> Discover Best Wallet here <<<

What happened to ByBit and why is it relevant?

Bybit is one of the largest exchanges on a global scale. While Binance is the market leader, holding 34.7% of the market share and registering more than $17 billion in daily transaction volume , Bybit holds 8.9% of the market share with $1.8 billion transacted daily. Bybit is even ahead of Coinbase, which only has a 6.5% market share.

Thus, the attack on Bybit was seen as an attack on the entire industry, which was called into question in terms of security and the protective measures in place.

In response to the Bybit hack, the company's CEO, Ben Zhou, assured in a statement that the company remains solvent and that all assets are covered against risk at a 1:1 ratio. Therefore, even if the stolen funds are not recovered, customers will receive their due tokens that are guaranteed by the company.

What will happen to the market after the Bybit hack?

After $1.5 billion was stolen from Bybit Ethereum, it is only natural that its customers would become skeptical about the platform’s security and start transferring funds to other exchanges. This could cause a liquidity problem for the exchange, even though Bybit guarantees full coverage of funds to its users.

But this does not necessarily mean a problem for the industry, since Binance and Coinbase, but also DeFi projects like Best Wallet , will start receiving investments originally deposited in ByBit.

It is true that the crypto sector faces a trust issue due to hacking, which is being reflected in the drop in account creation with Bybit Download. But the industry remains one of the most attractive to young investors, and among more speculative or institutional investors, so the sector will continue to grow.