Ultimately, security in the cryptocurrency industry is not just a technical challenge, but a continuous commitment.

The days of masked robbers storming into banks are history; today's thieves no longer need to ponder how to disable bank vault cameras or meticulously plan escape routes, as heists no longer occur in locked safes but are completed instantly on the blockchain. All a hacker needs is a line of clever code and an exploitable vulnerability, and victims often only realize the loss after it has occurred.

The rapid advancement of technology has given rise to increasingly complex cybercrime, which is not only difficult to avoid but also constantly evolving in its methods, with innovation outpacing even the most advanced security solutions. Attackers continuously adapt to changes in the cyber environment by seeking new vulnerabilities and circumventing traditional defenses. This paradox raises the question: if the underlying blockchain technology is secure and robust, why do cryptocurrency exchanges still frequently fall victim? In 2022 alone, cryptocurrency hackers stole over $3.8 billion. This is not because they have cracked encryption algorithms, but because they exploit technological and human oversight. Security issues are becoming increasingly severe, and the interplay of various factors exacerbates the complexity of the challenges, including technological limitations, human factors, regulatory differences, and how digital assets are stored, traded, and stolen.

True security is not just about technology; it also involves addressing a complex array of multifaceted risks, from dealing with smart contract vulnerabilities and social engineering attacks to adapting to an ever-changing regulatory environment.

The Security Paradox Beyond Blockchain Technology

Thanks to strong encryption, blockchain provides a solid security foundation, but this security primarily exists at the protocol level. The vast majority of cryptocurrency thefts occur at the intersection of blockchain and traditional financial systems, such as the hijacking of hot and cold wallets at exchanges, smart contract vulnerabilities, and social engineering attacks. Centralized exchanges must maintain wallets that are always online to ensure liquidity, which also makes them easy targets for hackers.

While decentralized finance (DeFi) protocols can eliminate custody risks and provide users with an alternative, they inevitably introduce new vulnerabilities. Even experienced developers can make mistakes when drafting complex smart contract code.

Why Centralized Exchanges and DeFi Have Not Fully Solved Security Issues

The security strategies of centralized exchanges (CEX) and decentralized platforms reflect fundamentally different philosophies and trade-offs. Centralized exchanges like Bybit choose to implement multiple robust security measures, including multi-signature wallets, over 95% of assets stored offline in cold storage, and regular penetration testing by cybersecurity experts. However, due to the inherent single points of failure and insider threats in centralized systems, these measures cannot completely eliminate all risks.

Decentralized platforms allow users to have full control over their assets to eliminate custody risks, but they also bring new challenges. Although DeFi's code is transparent and subject to community audits, the immutability of the blockchain means that once a vulnerability is exploited, it cannot be patched. The complexity of smart contracts makes it difficult for ordinary users to navigate, highlighting a dangerous gap between technical barriers and practical usability. The solution lies in breaking the simple binary choice between centralized exchanges and decentralized platforms. Bybit is exploring hybrid solutions that combine the self-custody advantages of DeFi with enterprise-level security layers, utilizing AI-driven trading monitoring to analyze over 5,000 risk parameters in real-time. This technological integration is crucial, but relying solely on technology is far from sufficient. As AI attacks become increasingly sophisticated, hackers can use machine learning techniques to simulate normal traffic patterns, making ongoing security training essential for both developers and end users.

Despite the ever-evolving cyber threats, Bybit remains committed to providing users with the highest level of security. Beyond AI, we focus on enhancing intelligent, self-evolving security and risk control capabilities. Our systems not only learn from their own experiences but also analyze risk events and mistakes across the entire ecosystem, proactively discovering and identifying the latest attack techniques to ensure that security protocols stay ahead of emerging threats, thus providing robust protection for users. This commitment is embedded in our infrastructure and reflected in our security response measures after every incident. After each event, Bybit immediately conducts a comprehensive forensic investigation, summarizes experiences and lessons learned, strengthens affected or potentially affected systems, and maintains transparent communication with the community. These actions ensure that we can not only effectively respond to threats but also continuously improve our defense systems, always staying ahead of the trends in cybercrime.

Balancing Regulation and Asset Innovation

Effective regulation may be the most powerful tool for enhancing cryptocurrency security, but it must be implemented properly. Mandatory reserve proofs, standardized smart contract audit requirements, and international anti-money laundering cooperation can significantly reduce systemic risks without stifling innovation. However, overly broad regulations, such as treating all crypto assets as securities or attempting to restrict the development of privacy-protecting technologies, often lead to more problems.

Risk-based regulatory initiatives emphasize that regulatory focus should be on actual threats rather than one-size-fits-all rules. The industry needs clear guidelines that can help address security issues while preserving the innovative potential of blockchain technology. This balance is crucial for building public confidence in institutions and promoting mainstream adoption of cryptocurrency assets.

Ultimately, security in the cryptocurrency industry is not just a technical challenge, but a continuous commitment. The issue is not whether cryptocurrencies can be protected, but whether the industry is willing to make the necessary investments and difficult choices to make security a reality. For Bybit, this means building architecture based on zero-trust principles, maintaining transparent security practices, and promoting threat information sharing across the industry. Continuous security upgrades and post-incident response measures are strong evidence of our proactive defense, protecting users and the cryptocurrency ecosystem. In a rapidly evolving ecological landscape, security must not be a remedial measure after incidents but must be the cornerstone of all construction.

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