Category: Security

It is estimated that organizations lose 5% of revenue to fraud each year, with an average loss of $1.7 million dollars. Asset misappropriation, or the unauthorized use of an organization’s assets for personal gain, accounts for 89% of those cases. In almost every case, the existence of controls reduces the overall loss and duration of the fraudulent… Read more

On February 21, 2025, Bybit, a prominent cryptocurrency exchange, experienced a significant security breach resulting in the loss of nearly $1.5 billion worth of ether (ETH). This incident stands as the largest digital heist in the history of cryptocurrency. Fortunately, Bybit is actively collaborating with industry experts, including Chainalysis, to trace the stolen assets. They… Read more

On February 21st 2025, approximately $1.46 billion in cryptoassets were stolen from Bybit, a Dubai-based exchange. Initial reports suggest that malware was used to trick the exchange into approving transactions that sent the funds to the thief. This is by the far the largest crypto heist of all time, dwarfing the $611 million stolen from Poly Network in 2021 (and the… Read more

The Largest Breach in Crypto History In what is now the largest breach in cryptocurrency history, Bybit suffered a staggering loss of 499,395 ETH, valued at approximately $1.4 billion. This exploit, attributed to North Korea’s infamous Lazarus Group, took place between February 21-23, affecting 8.64% of Bybit’s total reserves of $16.2 billion. Bybit’s Immediate Response Market Dynamics and Industry Impact The… Read more

On the 21st at 22:13 Singapore time, the ByBit team conducted a routine fund transfer. During the approval process, Ben double-checked the Safe{Wallet} URL and the transaction address displayed in the UI, confirming it was ByBit’s warm wallet. He then proceeded with confirmation using a Ledger device. However, since Ledger only displays contract interaction parameters without… Read more

In 2024, crypto transaction volume1 grew to over USD 10.6 trillion, up 56% since 2023. Illicit volume currently appears to have dropped to USD 45 billion, down 24% since 2023. This represents 0.4% of overall crypto volume and marks a 51% decrease from 2023. TRM now determines that illicit volume accounted for approximately 0.9% of… Read more

Digital assets, encompassing cryptocurrencies, digital tokens, and other blockchain-based financial instruments, have become integral components of the modern financial ecosystem. As businesses increasingly engage with the sector, protecting digital assets through a combination of secure storage backed up by specialized insurance coverage has never been more critical. Traditional insurance policies often fall short in addressing… Read more

In recent years, cryptocurrency adoption and popularity in Southeast Asia have significantly increased. As an emerging market, Southeast Asia has unique characteristics in terms of its economic structure, policy environment, and user behavior, notably: Rapid User Growth: With a high proportion of young people and widespread mobile internet access, the number of crypto users in… Read more