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  1. Asked: 1 month agoIn: Cryptocurrency, Exchange

    What can be done to improve the security of cryptocurrency exchanges like Bybit?

    Bybit
    Bybit
    Added an answer about 1 month ago

    crypto exchanges gotta be super careful โ€˜cause peopleโ€™s money is on the line. First off, they should have strong two-factor authenticationโ€”like not just a password but a code on your phone or an app. That makes it way harder for hackers to get in. Then, stuff like cold wallets is a must. That meansRead more

    crypto exchanges gotta be super careful โ€˜cause peopleโ€™s money is on the line. First off, they should have strong two-factor authenticationโ€”like not just a password but a code on your phone or an app. That makes it way harder for hackers to get in.

    Then, stuff like cold wallets is a must. That means keeping most coins offline so hackers canโ€™t just steal them from the internet. Also, regular security audits to check for bugs or weak spots help a lot.

    Another thing is monitoring weird activityโ€”if someone suddenly tries to move a lot of coins or log in from a weird place, the exchange should catch that fast and maybe freeze the account till they check.

    And of course, educating users to avoid phishing scams and using strong passwords is key too. If the exchange and users both stay sharp, it makes the whole thing way safer.

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