is bybit safe

Bybit uses cold storage and multi-signature technology and is regulated by multiple countries. However, the hacker incident in 2025 exposed vulnerabilities, and users should enable 2FA and other measures to protect the security of funds.

Mar 24, 2025 at 02:53 pm

In the field of cryptocurrency trading, security has always been the core issue that investors are most concerned about. As a world-renowned cryptocurrency trading platform, Bybit has attracted much attention. Especially on the evening of February 21, 2025, more than 400,000 ETH and stETH with total assets worth over US$1.5 billion were transferred to unknown addresses, which even pushed Bybit's security issues to the forefront. So, is Bybit safe? Let's analyze in depth.

Bybit Platform Background

Founded in 2018 and headquartered in Dubai, UAE, Bybit is the top three cryptocurrency exchanges in the world in terms of trading volume. Its founder Ben Zhou has served as a headquarters executive at the forex brokerage firm XM. In its development history, Bybit has achieved remarkable results. In 2019, it handled 10% of the world's Bitcoin trading volume, and in 2024, the trading volume firmly ranked among the top in derivatives exchanges, second only to Binance.

Exploration of safety measures

Technical level

Cold storage application : Bybit uses cold storage to protect most user funds, save private keys offline, and reduce the risk of being stolen by hackers. This is a common security method used by top exchanges in the industry.

Multi-signature technology : transactions require multiple private key signatures to confirm, increasing the difficulty of hackers to control funds and improving fund security.

Real-time monitoring and emergency response : The platform has a real-time monitoring system that can promptly detect abnormal transactions and potential security threats. In 2024, upgrade safety measures and introduce an all-weather automatic emergency response system to quickly respond to safety incidents.

User security

Account security settings : Supports two-step verification (2FA). When users log in or make important transactions, in addition to passwords, they also need to pass secondary verification such as mobile phone verification code to increase account access security.

High-value transaction protection : implement additional verification and inspection of high-value transactions to prevent unauthorized large-scale transactions and protect the safety of user assets.

One-click account freezing : Users can immediately freeze the account when they discover account risks, prevent further losses of funds and control account security.

Regulatory situation

Bybit is actively seeking global compliance operations and is regulated by multiple authoritative organizations. In Dubai, it is regulated by the Virtual Assets Regulatory Authority (VARA) to ensure its compliance with digital trading platforms in Dubai; in Europe, it is regulated by the Cyprus Securities and Exchange Commission (CySEC) to protect the rights and interests of European traders, ensure the platform is transparent and comply with EU financial laws; in Kazakhstan, it is regulated by the Astana Financial Services Authority (AFSA) to ensure its compliance with financial services laws and operating standards locally. However, due to the nature of the service, Bybit is restricted in countries such as the United States, the United Kingdom, and Canada.

Reflections on security incidents

The 2025 hacking incident exposed Bybit's vulnerabilities in smart contract logic and signature interface. Although the platform stated that other cold wallets under its jurisdiction were safe, customer funds were not affected, and had strong reserves and 1:1 support, and also took measures such as raising bridge loans to protect user funds, this incident still sounded the alarm for the platform and users.

Users' security suggestions

Enable 2FA : Activate two-step verification to add additional protection to the account.

Set up a withdrawal whitelist : Only pre-approved addresses are allowed to receive funds, reducing the risk of funds being stolen.

Regularly check account activities : pay attention to account transaction records, turn on transaction reminders, and discover abnormalities in a timely manner.

Use cold wallets for large amounts of funds : large amounts of cryptocurrencies are stored in cold wallets, rather than staying on exchanges for a long time.

Overall, Bybit has many measures in security technology and user protection, and is also regulated by multiple authoritative institutions, but hacking incidents show that security risks in the cryptocurrency trading field always exist. When users use Bybit or other cryptocurrency trading platforms, they should fully understand the platform's security measures and take good care of their own funds.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Fear & Greed Index

Trade Now

Biggest Gainers

SIGN

$0.1047

39.16%

Trade Now
SAFE

$0.5936

28.60%

Trade Now
COOKIE

$0.1588

18.96%

Trade Now
DIA

$0.6095

18.83%

Trade Now
VVV

$4.2195

18.05%

Trade Now
PUNDIX

$0.3488

17.32%

Trade Now

Latest Crypto News

The crypto market was gearing up for a historic moment
2025-04-29 21:40:13
DePIN Inverts the Internet of Things Paradigm
2025-04-29 21:40:13
Institutional Whales Have Started Accumulating Ethereum Again: Data Shows
2025-04-29 21:35:12
AUSTRAC Threatens Inactive Digital Currency Exchanges (DCEs) to Either Use Their Exchange or Lose It
2025-04-29 21:35:12
title: Blockchain intelligence platform Lookonchain is highlighting a trader who has profited handsomely from trading in Fartcoin (FARTCOIN), a memecoin built in the Solana (SOL) ecosystem.
2025-04-29 21:30:13
USDC stablecoin issuer Circle receives in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA)
2025-04-29 21:30:13

Related knowledge

What should I do if the exchange shows that the AVAX transaction failed? What are the common reasons?

Apr 29,2025 at 03:42pm

If you encounter a situation where the AVAX transaction on an exchange shows as failed, it can be frustrating and confusing. Understanding the common reasons behind this issue and knowing the steps to take can help you resolve the problem more effectively. In this article, we will explore the common reasons for AVAX transaction failures on exchanges and...

Why is my Coinbase withdrawal marked as suspicious? How to solve it?

Apr 29,2025 at 02:49am

If you've encountered a situation where your Coinbase withdrawal is marked as suspicious, it can be both frustrating and confusing. Understanding why this happens and how to resolve it is crucial for a smooth experience with your cryptocurrency transactions. This article will delve into the reasons behind Coinbase marking withdrawals as suspicious and p...

How to avoid Coinbase deposits being frozen? What should I pay attention to?

Apr 27,2025 at 11:57pm

Understanding Coinbase Deposit FreezingCoinbase, one of the largest cryptocurrency exchanges, occasionally freezes deposits for various reasons. Understanding why your deposits might be frozen is crucial for preventing such occurrences. Common reasons include suspicious activity, account verification issues, or failure to comply with regulatory requirem...

Is it possible to withdraw funds from Coinbase to a credit card? What are the restrictions?

Apr 28,2025 at 05:57pm

Is it possible to withdraw funds from Coinbase to a credit card? What are the restrictions? When it comes to managing your cryptocurrency, understanding the various methods of moving funds in and out of your accounts is crucial. One common question many users have is whether it's possible to withdraw funds from Coinbase directly to a credit card. In thi...

Why does Coinbase require me to rebind my bank account? Is it safe?

Apr 28,2025 at 12:07am

Why Does Coinbase Require Me to Rebind My Bank Account? Coinbase, one of the leading cryptocurrency exchanges, occasionally requires users to rebind their bank accounts. This process involves re-verifying and updating the connection between your Coinbase account and your bank account. The primary reasons for this requirement are to enhance security, com...

How much is the fee for withdrawing funds from Coinbase to a crypto wallet? How to save?

Apr 29,2025 at 12:42pm

When it comes to withdrawing funds from Coinbase to a personal crypto wallet, understanding the fees involved and strategies to minimize them is crucial. Coinbase, one of the most popular cryptocurrency exchanges, charges fees for transferring cryptocurrencies out of its platform. In this article, we will explore the specifics of these fees and provide ...