{"id":84381,"date":"2025-02-26T06:00:00","date_gmt":"2025-02-26T12:00:00","guid":{"rendered":"https:\/\/www.success.com\/?p=84381"},"modified":"2025-02-26T11:49:54","modified_gmt":"2025-02-26T17:49:54","slug":"protect-assets-from-crypto-hacks","status":"publish","type":"post","link":"https:\/\/www.success.com\/protect-assets-from-crypto-hacks\/","title":{"rendered":"$1.5B Stolen in Crypto Hack: Are Your Digital Assets Safe?"},"content":{"rendered":"\n

Hackers stole<\/a> an estimated $1.5 billion from Dubai-based Bybit, gaining control of an Ethereum wallet and funneling its assets to an unknown address. With this breach already being labeled the largest in crypto history, experts are alerting to the mounting risks. How can you best protect your digital assets<\/a> in these uncertain times?\u00a0<\/p>\n\n\n\n

Protect your Ethereum assets using multifactor authentication and encryption<\/h2>\n\n\n\n

Ethereum stands apart from traditional cryptocurrencies<\/a>. Unlike Bitcoin, which is primarily a digital store of value, Ethereum enables users to create everything from financial tools to NFT marketplaces\u2014all without relying on traditional banks or institutions. With strong community backing, Ethereum is widely used by developers and investors for transactions, staking and liquidity. Yet, its decentralized structure also presents inherent security concerns. <\/p>\n\n\n\n

Since cryptocurrency first gained notoriety in 2009<\/a>, the crypto space has endured a significant number of hacks and fraud cases. In 2024 alone, thefts totaled over $2 billion<\/a>. For the fourth year in a row, billion-dollar losses have been reported, impacting major targets such as Poly Network, Coincheck and Mt. Gox. In response, Bybit and other exchanges are continuously enhancing their safeguards to fend off hackers.<\/p>\n\n\n\n

\u201cCryptocurrency exchanges implement a variety of security measures to protect against hacks and ensure the safety of users’ funds,\u201d according to Charlotte Hill, deputy chair of the Cyber Insurance Association and was previously named Citywealth\u2019s Woman of the Year in Financial Tech and Crypto Innovation in the U.K. \u201cSome of the key security measures include multifactor authentication, cold storage (where a significant portion of users\u2019 funds is kept offline in cold wallets, which are not connected to the internet and are therefore less vulnerable to hacking attempts), multisignature wallets, regular security audits and encryption tools,\u201d she says.\u00a0<\/p>\n\n\n\n

Storing funds in your cold wallet ensures better protection <\/h2>\n\n\n\n

Storing funds in cold storage offers better protection by keeping them offline. Hot storage, which is more accessible for quick trading, is much more vulnerable to cyberattacks. Because cold storage wallets aren\u2019t connected to the internet, they\u2019re not directly accessible to hackers, making them a safer option for securing funds. In this latest case, the cybercriminal took unauthorized control of a Bybit cold wallet and then transferred funds into a warm wallet.<\/p>\n\n\n\n\"Leadership<\/a>\n\n\n\n

Though not always foolproof, protections like these help services like Bybit keep funds as secure as possible. Hill suggests that these measures should be accompanied by \u201cregular staff training to create a constant awareness of the potential threats to exchanges and other custodians,\u201d as large-scale attacks can erode trust in these systems. <\/p>\n\n\n\n

There\u2019s no official protection for your crypto value <\/h2>\n\n\n\n

Cryptocurrencies remain largely unregulated, and the value stored in them lacks official protection. The ethical standards and practices governing how exchanges like Bybit handle and protect client funds also still remain unclear. As stated in Bybit\u2019s own Risk Disclosure Statement<\/a>, some digital asset transactions may be irreversible, and losses resulting from \u201cfraudulent or accidental transactions may not be recoverable.\u201d Deposits into accounts are also not considered deposits under applicable laws, making them subject to different legal protections. <\/p>\n\n\n\n

\u201cCrypto hacks are becoming more sophisticated, exploiting vulnerabilities in exchanges, wallets and even human behavior through social engineering tactics,\u201d according to Ahmad Maaitah, a lecturer in finance and fintech at University of Southampton, whose research includes a focus on Bitcoin market networks and cyberattacks.\u00a0\u00a0<\/p>\n\n\n\n

\u201cOne of the biggest risks comes from social engineering attacks, where hackers manipulate users or employees into revealing sensitive information,\u201d he says. To safeguard their assets, crypto users should always consider the most fundamental precautions like diversifying wallets, keeping long-term savings in cold storage and looking into insurance coverage. Maaitah advises caution when using exchanges, noting, \u201cFor those who must use exchanges, choosing a reputable, well-regulated platform with strong security practices is vital.\u201d He observes that hacking tactics are evolving swiftly, and with crypto\u2019s growth, cybercriminals are targeting larger rewards.<\/p>\n\n\n\n

Maaitah also recommends noncustodial wallets, where users have control over the private keys to their funds. \u201cThe common saying in crypto \u2018not your keys, not your coins\u2019 is a reminder that if someone else holds the private keys, they ultimately control the funds. By managing their own wallets, users eliminate the risk of losing assets due to an exchange breach,\u201d he advises. <\/p>\n\n\n\n

The crypto market may face larger hacks soon<\/h2>\n\n\n\n

Every user must stay vigilant in protecting themselves and their funds. According to Maaitah, the Bybit breach is a clear indication of looming risks. \u201cWe could be looking at even larger-scale breaches in the near future. The industry needs to act now to stay ahead of these threats, or the consequences could be catastrophic,\u201d he warns. <\/p>\n\n\n\n

Pew Research Center reported that 63% of Americans are already wary of crypto’s safety and reliability<\/a>, as ongoing lawsuits and potential congressional oversight mar the space\u2019s reputation. <\/p>\n\n\n\n

Despite the obvious allure of crypto, the lack of regulation and protection is a glaring red flag. The recent hack on Bybit has shaken trust, leaving many wondering if crypto exchanges can ever provide true security. With regard to this particular incident, in a rapid response to the Ethereum theft, Bybit\u2019s CEO confirmed on Tuesday that the exchange has now fully compensated the victims. After announcing they were enlisting top external experts to aid in recovery<\/a>, Bybit managed to recover hundreds of thousands of tokens in under 72 hours, leveraging a combination of emergency loans and large deposits to restore the stolen funds.<\/p>\n\n\n\n

Photo by Shutterstock.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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Learn more about how to protect your digital assets from a potential crypto hack."],"_yoast_wpseo_linkdex":["77"],"_molongui_author":["user-32523"],"_thumbnail_id":["84382"],"_yoast_wpseo_opengraph-image":["https:\/\/www.success.com\/wp-content\/uploads\/2025\/02\/1.5-B-Stolen-in-Crypto-Hack-Are-Your-Digital-Assets-Safe-Social-1024x538.jpg"],"_yoast_wpseo_opengraph-image-id":["84383"],"jet_engine_store_count_recently-viewed":["275"],"_yoast_indexnow_last_ping":["1740592195"],"jet_engine_store_count_bookmark":["1"],"_elementor_page_assets":["a:0:{}"]},"guest_author_field_data":{"main_author_is":"user","guest_authors":[],"user_authors":[{"user_email":"purdiales-antelo@mailinator.com","user_login":"Pablo Urdiales Antelo","first_name":"Pablo","last_name":"Urdiales Antelo","display_name":"Pablo Urdiales Antelo","nickname":"Pablo Urdiales Antelo","user_meta":{"nickname":["Pablo Urdiales Antelo"],"first_name":["Pablo"],"last_name":["Urdiales Antelo"],"description":["<span style=\"font-weight: 400\">Pablo Urdiales Antelo is a news writer with a sharp focus on politics and business. Drawing from his experience in breaking news and pop culture commentary, he offers a comprehensive and international perspective on current affairs, helping audiences decode the complexities of our modern world.<\/span>"],"rich_editing":["true"],"syntax_highlighting":["true"],"comment_shortcuts":["false"],"admin_color":["fresh"],"use_ssl":["0"],"show_admin_bar_front":["true"],"locale":[""],"wp_capabilities":["a:1:{s:6:\"author\";b:1;}"],"wp_user_level":["0"],"_yoast_wpseo_profile_updated":["1726689370"],"dismissed_wp_pointers":[""],"wpseo_metadesc":[""],"wpseo_title":[""],"wpseo_content_analysis_disable":[""],"wpseo_keyword_analysis_disable":[""],"wpseo_user_schema":["a:0:{}"],"molongui_author_phone":[""],"molongui_author_job":[""],"molongui_author_company":[""],"molongui_author_company_link":[""],"molongui_author_custom_link":[""],"molongui_author_box_display":["default"],"molongui_author_image_id":["79382"],"molongui_author_image_url":["https:\/\/www.success.com\/wp-content\/uploads\/2024\/09\/Pablo-Urdiales-Antelo.png"],"molongui_author_image_edit":["https:\/\/www.success.com\/wp-admin\/post.php?post=79382&action=edit&image-editor"],"advanced-ads-role":[""],"molongui_author_post_count":["1"]}}]},"custom_post_content":"<!-- wp:paragraph -->\n<p>Hackers <a href=\"https:\/\/x.com\/benbybit\/status\/1892963530422505586\" target=\"_blank\" rel=\"noreferrer noopener\">stole<\/a> an estimated $1.5 billion from Dubai-based Bybit, gaining control of an Ethereum wallet and funneling its assets to an unknown address. With this breach already being labeled the largest in crypto history, experts are alerting to the mounting risks. How can you best protect your <a href=\"https:\/\/www.success.com\/cryptocurrency-bitcoin-rise\/\">digital assets<\/a> in these uncertain times?\u00a0<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-protect-your-ethereum-assets-using-multifactor-authentication-and-encryption\">Protect your Ethereum assets using multifactor authentication and encryption<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Ethereum stands apart from traditional <a href=\"https:\/\/www.success.com\/5-strategies-to-maximize-profit-in-cryptocurrency-trading\/\">cryptocurrencies<\/a>. Unlike Bitcoin, which is primarily a digital store of value, Ethereum enables users to create everything from financial tools to NFT marketplaces\u2014all without relying on traditional banks or institutions. With strong community backing, Ethereum is widely used by developers and investors for transactions, staking and liquidity. Yet, its decentralized structure also presents inherent security concerns. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><a href=\"https:\/\/www.britannica.com\/question\/How-was-cryptocurrency-invented\" target=\"_blank\" rel=\"noreferrer noopener\">Since cryptocurrency first gained notoriety in 2009<\/a>, the crypto space has endured a significant number of hacks and fraud cases. In 2024 alone, thefts totaled <a href=\"https:\/\/www.reuters.com\/technology\/losses-crypto-hacks-jump-22-bln-2024-report-says-2024-12-19\/\" target=\"_blank\" rel=\"noreferrer noopener\">over $2 billion<\/a>. For the fourth year in a row, billion-dollar losses have been reported, impacting major targets such as Poly Network, Coincheck and Mt. Gox. In response, Bybit and other exchanges are continuously enhancing their safeguards to fend off hackers.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cCryptocurrency exchanges implement a variety of security measures to protect against hacks and ensure the safety of users' funds,\u201d according to Charlotte Hill, deputy chair of the Cyber Insurance Association and was previously named Citywealth\u2019s Woman of the Year in Financial Tech and Crypto Innovation in the U.K. \u201cSome of the key security measures include multifactor authentication, cold storage (where a significant portion of users\u2019 funds is kept offline in cold wallets, which are not connected to the internet and are therefore less vulnerable to hacking attempts), multisignature wallets, regular security audits and encryption tools,\u201d she says.\u00a0<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-storing-funds-in-your-cold-wallet-ensures-better-protection-nbsp\">Storing funds in your cold wallet ensures better protection <\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Storing funds in cold storage offers better protection by keeping them offline. Hot storage, which is more accessible for quick trading, is much more vulnerable to cyberattacks. Because cold storage wallets aren\u2019t connected to the internet, they\u2019re not directly accessible to hackers, making them a safer option for securing funds. In this latest case, the cybercriminal took unauthorized control of a Bybit cold wallet and then transferred funds into a warm wallet.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:html -->\n\n<!-- \/wp:html -->\n\n<!-- wp:paragraph -->\n<p>Though not always foolproof, protections like these help services like Bybit keep funds as secure as possible. Hill suggests that these measures should be accompanied by \u201cregular staff training to create a constant awareness of the potential threats to exchanges and other custodians,\u201d as large-scale attacks can erode trust in these systems. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-there-s-no-official-protection-for-your-crypto-value-nbsp\">There\u2019s no official protection for your crypto value <\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Cryptocurrencies remain largely unregulated, and the value stored in them lacks official protection. The ethical standards and practices governing how exchanges like Bybit handle and protect client funds also still remain unclear. As stated in Bybit\u2019s own <a href=\"https:\/\/www.bybit.com\/app\/terms-service\/riskDisclosure\" target=\"_blank\" rel=\"noreferrer noopener\">Risk Disclosure Statement<\/a>, some digital asset transactions may be irreversible, and losses resulting from \u201cfraudulent or accidental transactions may not be recoverable.\u201d Deposits into accounts are also not considered deposits under applicable laws, making them subject to different legal protections. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cCrypto hacks are becoming more sophisticated, exploiting vulnerabilities in exchanges, wallets and even human behavior through social engineering tactics,\u201d according to Ahmad Maaitah, a lecturer in finance and fintech at University of Southampton, whose research includes a focus on Bitcoin market networks and cyberattacks.\u00a0\u00a0<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cOne of the biggest risks comes from social engineering attacks, where hackers manipulate users or employees into revealing sensitive information,\u201d he says. To safeguard their assets, crypto users should always consider the most fundamental precautions like diversifying wallets, keeping long-term savings in cold storage and looking into insurance coverage. Maaitah advises caution when using exchanges, noting, \u201cFor those who must use exchanges, choosing a reputable, well-regulated platform with strong security practices is vital.\u201d He observes that hacking tactics are evolving swiftly, and with crypto\u2019s growth, cybercriminals are targeting larger rewards.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Maaitah also recommends noncustodial wallets, where users have control over the private keys to their funds. \u201cThe common saying in crypto \u2018not your keys, not your coins\u2019 is a reminder that if someone else holds the private keys, they ultimately control the funds. By managing their own wallets, users eliminate the risk of losing assets due to an exchange breach,\u201d he advises. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-the-crypto-market-may-face-larger-hacks-soon\">The crypto market may face larger hacks soon<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Every user must stay vigilant in protecting themselves and their funds. According to Maaitah, the Bybit breach is a clear indication of looming risks. \u201cWe could be looking at even larger-scale breaches in the near future. The industry needs to act now to stay ahead of these threats, or the consequences could be catastrophic,\u201d he warns. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Pew Research Center reported that <a href=\"https:\/\/www.pewresearch.org\/short-reads\/2024\/10\/24\/majority-of-americans-arent-confident-in-the-safety-and-reliability-of-cryptocurrency\/\" target=\"_blank\" rel=\"noreferrer noopener\">63% of Americans are already wary of crypto's safety and reliability<\/a>, as ongoing lawsuits and potential congressional oversight mar the space\u2019s reputation. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Despite the obvious allure of crypto, the lack of regulation and protection is a glaring red flag. The recent hack on Bybit has shaken trust, leaving many wondering if crypto exchanges can ever provide true security. With regard to this particular incident, in a rapid response to the Ethereum theft, Bybit\u2019s CEO confirmed on Tuesday that the exchange has now fully compensated the victims. After announcing they were enlisting <a href=\"https:\/\/www.bybit.com\/en\/press\/post\/bybit-launches-recovery-bounty-program-with-rewards-up-to-10-of-stolen-funds-bltcd3ebbb9445d5b74\" target=\"_blank\" rel=\"noreferrer noopener\">top external experts to aid in recovery<\/a>, Bybit managed to recover hundreds of thousands of tokens in under 72 hours, leveraging a combination of emergency loans and large deposits to restore the stolen funds.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"small\"} -->\n<p class=\"has-small-font-size\"><em>Photo by Shutterstock.<\/em><\/p>\n<!-- \/wp:paragraph -->","tag_names":[],"post_attachment_urls":[],"author_email":"purdiales-antelo@mailinator.com","_links":{"self":[{"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/posts\/84381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/users\/32523"}],"replies":[{"embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/comments?post=84381"}],"version-history":[{"count":0,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/posts\/84381\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/media\/84382"}],"wp:attachment":[{"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/media?parent=84381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/categories?post=84381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/tags?post=84381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}