What can be done to improve the security of cryptocurrency exchanges like Bybit?
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crypto exchanges gotta be super careful βcause peopleβs money is on the line. First off, they should have strong two-factor authenticationβlike 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 canβt 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 activityβif 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.