Cryptocurrency exchange Bybit has implemented significant security upgrades in response to a recent hack that saw over $200 million worth of assets stolen. The platform has outlined three key areas for improvement: enhanced audits, upgraded wallet systems, and strengthened information security protocols. 9 security audits have been conducted so far, leading to the implementation of various security measures. These include enhanced cold and hot wallets with layered encryption, better key management, and automated tools designed to detect suspicious activity. Bybit’s proactive approach further involves real-time monitoring systems that flag unusual behavior for immediate action. This focus on proactivity demonstrates the exchange’s commitment to safeguarding user assets. 2023’s attack highlights growing concerns about security vulnerabilities in centralized exchanges (CEX) amidst heightened scrutiny.