Financial encyclopedia

Bybit, the world's second largest cryptocurrency exchange, recently suffered the theft of $1.46 billion in Ethereum (ETH), making it one of the largest hacker attacks in history. Hackers cheat exchange signatories by forging interfaces, tamper with smart contracts, and finally seize control of Cold Wallet and transfer funds to unknown addresses.

market response
Despite the huge amount of money involved, there was no panic selling in the market:
ETH briefly fell by 4%, but quickly stabilized to $2,679.
BTC (Bitcoin) rose slightly by 0.3%, indicating that market confidence is still there.
Bybit emphasizes the safety of users' funds and normal withdrawal function, which effectively stabilizes market sentiment.

Exchange security still needs to be improved.
This incident shows that even cold wallets may still be attacked if there are loopholes in internal management or smart contracts. The Exchange should further strengthen in the future:
Internal security review and intelligent contract verification to prevent fraud attacks.
Stricter multi-signature mechanism reduces the risk of single-point authorization.
Strengthen the capital reserve and emergency plan to ensure that there is sufficient coping ability in the face of risks.

Future trends and enlightenment
The exchange will improve its safety standards and its supervision will be stricter.
Decentralize the exchange (DEX) or get attention to reduce the concentration risk.
Advances in hacker fund tracking technology may accelerate the recovery of stolen assets in the future.

The Bybit incident reminds the market that there is still room for improvement in the security mechanism of the exchange, and investors also need to carefully manage assets and spread risks. With the development of technology and the strengthening of supervision, the security of cryptocurrency market is still expected to be further improved.