As a result of the sudden hack, hackers managed to gain access to the popular cryptocurrency exchange platform Bybit and withdraw an equivalent of 1.4 billion dollars in Ethereum. This has caused widespread concern among cryptocurrency investors, particularly regarding the rising risks with which centralized platform users are faced.
Nvadalen Alboshiy, an expert in the field of digital currencies and the president of the Bitcoineen Company, noted that trading platforms, regardless of their size and trust, have previously been confirmed by hacks and cyberattacks. He added that even centralized platforms, which are not new in the hacking process, may hinder the broader adoption of digital assets, especially among large financial institutions.
He also pointed out that the competition between cryptocurrency platforms is increasing to improve security procedures, which strengthens the overall security of the industry and subsequently contributes to increasing user trust. Nvadalen suggested that the intensifying hacks place under doubt the reliability of some centralized platforms and present new challenges for the cryptocurrency industry.
He urged investors to adopt more cautious measures to protect their digital assets and remain vigilant against sudden hacks. Analyzing the latest incident, Nvadalen emphasized that transferring digital currency from centralized platforms to decentralized wallets is the best way to ensure security, as it provides investors with full control over their means and reduces the risk of hacks.
