Crypto Exchanges Brace for Escalating Phishing Attacks

Recent high-profile hacks, including a staggering $1.4 billion breach at Bybit, highlight the growing threat of phishing in the cryptocurrency industry. In 2024 alone, over $2.2 billion has been stolen through these attacks, with victims including Coinbase, facing a lawsuit following alleged data breaches. The company is currently resisting paying a $20 million ransom demand by offering a similar amount as a bounty to incentivize information sharing regarding the perpetrators.