View the security status of crypto exchanges from the stolen by Bybit: vulnerabilities, risks and protection measures

The recent incident of Bybit funds stolen has attracted widespread attention from the industry. Hackers stole a large number of Ethereum assets by manipulating cold money packages and smart contract vulnerabilities. This incident not only exposed the security vulnerabilities of some exchanges in the storage and trading processes, but also reflected the risks faced by the overall crypto ecosystem. As a centralized storage and circulation platform for digital assets, the security of the exchange is directly related to user asset security and market confidence.

From theft of Bybit, the security status of crypto exchanges: vulnerabilities, risks and protective measures

Background and status

The recent incident of Bybit funds stolen has attracted widespread attention from the industry. Hackers stole a large number of Ethereum assets by manipulating cold money packages and smart contract vulnerabilities. This incident not only exposed the security vulnerabilities of some exchanges in the storage and trading processes, but also reflected the risks faced by the overall crypto ecosystem. As a centralized storage and circulation platform for digital assets, the security of the exchange is directly related to user asset security and market confidence.

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• Ouyi OKX

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Binance Binance:

• Binance Binance:

• Official website:

  [adid]9f61408e3afb633e50cdf1b20de6f466[/adid]

APP:

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Official website:
• [adid]072b030ba126b2f4b2374f342be9ed44[/adid]

  APP:

  [adid]ea5d2f1c4608232e07d3aa3d998e5135[/adid ]

Bitget:

• Official website: [adid]fc490ca45c00b1249bbe3554a4fd f6fb[/adid]

• APP: [adid]3295c76acbf4caaed33c36b1b5fc2cb1[/adid]

Main vulnerabilities and risks in existence

1. Cold wallet management vulnerabilities
   • Cold wallets should have provided high levels as offline storage devices Security, but if there are loopholes in the transfer process and signature verification process during the operation, it may be exploited by hackers.
2. Smart contract vulnerability
   • When a smart contract is processed, if the logic design is not rigorous or there are code vulnerabilities (such as the signature interface is tampered with), it may be hacked. "Cover the real address" to conduct fraudulent operations.
3. Inadequate internal management and risk control
   • If the exchange lacks multiple audits and monitoring for key operational links (such as cross-wallet fund allocation, emergency response mechanism, etc.), it is easy to be aware of the exchange's lack of multiple audits and monitoring of key operational links (such as cross-wallet fund allocation, emergency response mechanism, etc.), it is easy to Make it impossible to curb losses in a timely manner when the vulnerability is exploited.

Security protection measures

1. Strengthen the security of cold wallets
   • Implement a multi-signature mechanism to ensure that any transaction must go through multiple transactions Independent key verification;
   • Regularly audit the cold wallet operation process, and use hardware security module (HSM) to isolate the storage of key keys;
   • Strict approval is adopted when transferring funds between cold wallets and hot wallets Process and monitor abnormal transaction behaviors in real time.
2. Smart contract security audit
   • Invite a third-party professional security team to conduct code audits and penetration tests on the smart contract before going online;
   • Renew the contract regularly Code, and lock important parameters or release them in multiple stages to prevent the interface from being tampered with;
   • Deploy a real-time monitoring system to warn of abnormal calls and logical changes in smart contracts.
3. Internal risk management and training
   • Establish a complete risk emergency response mechanism and internal audit process;
   • Conduct safety awareness training for employees to ensure that every time There are responsible persons in each link;
   • Regularly conduct "red and blue confrontation" drills to test the effectiveness of protective measures.

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