Introduction to Crypto Security
Despite the recent $1.4 billion loss in the Bybit hack, the approach to cybersecurity in the crypto industry remains unchanged, according to Hacken CEO Dyma Budorin. In a recent interview, Budorin expressed concern that crypto companies are not taking adequate measures to protect themselves against cyber threats.
The Current State of Crypto Security
Budorin stated that most crypto companies rely on limited measures such as bug bounties and penetration tests, rather than implementing comprehensive, layered security strategies. He emphasized that these isolated security measures are not enough to protect against cyber threats. "Most of the projects think, ‘Okay, we did pentests. That’s enough. Maybe bug bounty. That’s enough.’ It’s not enough," he said.
The Need for Layered Security
Budorin believes that crypto companies must adopt more layered approaches to security, similar to those used in traditional industries. This includes supply-chain security, operational security, and blockchain-specific security assessments. He noted that these measures are mandatory in big Web2 companies, and the crypto industry should follow suit.
Improvements in Post-Hack Security Responses
While the approach to cybersecurity remains the same, there have been some improvements in post-hack security responses. Budorin cited the example of security firm Chainalysis, which introduced near real-time blacklisting of stolen funds. This is a step forward in crypto security, as it allows for faster response times to hacking incidents.
The Bybit Hack: A Wake-Up Call
The Bybit hack, which saw $1.4 billion in crypto stolen, highlights the need for improved cybersecurity measures. The malicious actors were able to launder 100% of the stolen money in just 10 days, demonstrating the speed and sophistication of cyber threats. While faster blacklisting is a step forward, it does not address the deeper structural risks.
Crypto Losses on the Rise
In April 2025, blockchain security firm PeckShield reported that the crypto space saw nearly $360 million in digital assets stolen across 18 hacking incidents. This represents a 990% increase compared to March, when crypto losses totaled about $33 million. The largest chunk of the losses came from an unauthorized Bitcoin transfer, which was later confirmed to be a social engineering attack.
Conclusion
The crypto industry’s approach to cybersecurity remains inadequate, despite the growing threat of cyber attacks. The recent Bybit hack and rising crypto losses demonstrate the need for more comprehensive and layered security strategies. While there have been some improvements in post-hack security responses, more needs to be done to address the deeper structural risks. Crypto companies must adopt a more proactive approach to cybersecurity, including supply-chain security, operational security, and blockchain-specific security assessments, to protect themselves and their users from cyber threats.
