CentBit Community Advisory: Strengthening Crypto Security in Light of Bybit’s $1.4B Breach

Dear CentBit Community,

The recent $1.4 billion security breach at Bybit is a stark reminder that crypto security is a shared responsibility. At CentBit, we stand in solidarity with Bybit, its team, and CEO Ben Zhou as they work through this challenge. Our mission is to ensure that our community remains informed, vigilant, and protected against potential cyber threats.

The Importance of Crypto Security

Security in the crypto industry is paramount. As hackers develop new methods to exploit vulnerabilities, we must continuously adapt and enhance our defenses. Incidents like this highlight the need for stronger collaboration across exchanges, projects, and communities.

CentBit’s Security Recommendations

To protect your assets and strengthen your security posture, we strongly advise the following:

1. Enable Two-Factor Authentication (2FA)

• Use Google Authenticator or Authy instead of SMS-based 2FA.
• Never share your 2FA codes with anyone.

2. Use Passkeys for Phishing-Resistant Authentication

• Passkeys provide seamless and more secure authentication.
• If available, enable passkeys on platforms that support them.

3. Set Strong, Unique Passwords

• Avoid using common passwords or the same password across multiple platforms.
• Use a password manager to generate and store secure passwords.

4. Stay Alert Against Phishing Attempts

• Always verify official communication from crypto exchanges and projects.
• Never click on suspicious links or respond to unsolicited messages.

5. Keep Your Funds Secure

• Use Hardware Wallets: Store long-term holdings in cold wallets like Ledger or Trezor.
• Enable Whitelisting: Limit withdrawals to pre-approved wallet addresses.
• Monitor Transactions: Regularly review account activity for any unauthorized transactions.

6. Diversify Your Holdings

• Avoid storing all assets on one exchange.
• Consider distributing funds across decentralized wallets, cold storage, and trusted CEXs.

Collaboration is Key

At CentBit, we believe that industry-wide cooperation is essential to combating cybercrime and strengthening the security of crypto assets. We are committed to working alongside exchanges and partners to track stolen funds, freeze suspicious assets, and hold hackers accountable.

The Bybit breach serves as a critical lesson for all crypto users and projects. Let’s use this as an opportunity to enhance our security practices and build a safer crypto ecosystem.

If you have any questions or need guidance on securing your assets, our team at CentBit is here to assist.

Stay safe, stay vigilant!
CentBit Team
February 22, 2025