Expert gives tips on cryptocurrency storage after ByBit hack

The ByBit hack confirms that cryptocurrency exchanges remain vulnerable despite blockchain technology, said Oleg Kalmanovich, chief analyst at Neomarkets. While the blockchain itself is still considered secure, centralized platforms that store users' assets are being targeted for attacks.

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The incident with ByBit may undermine confidence in centralized exchanges and strengthen the trend towards decentralized platforms (DEX), where users control their funds directly, the expert believes.

In addition, he said, after this incident, we can expect that storing funds on "cold wallets" will become more popular. They provide a high level of security, as assets are stored offline and are inaccessible to online attacks. Users seeking to protect their funds may prefer this method of storage, which will lead to an increase in demand for such solutions, Kalmanovich emphasized.

The hack of one of ByBit's crypto wallets was first reported by crypto detective ZachXBT on the evening of Friday, February 21. Then the information was confirmed by the head of the site Ben Zhou in his account in the social network X. The theft is estimated at more than $1 billion. This is the largest theft in the history of the industry.

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