Major Security Breaches Rock Cryptocurrency Exchanges: What Users Must Know – BitRss

Recent large-scale hacking incidents at WazirX, Phemex, and most notably Bybit have raised significant security concerns within the cryptocurrency market. The staggering loss of $1.4 billion at Bybit has left users anxious, while Changpeng Zhao (CZ), the founder and former CEO of Binance, has made critical statements regarding these attacks.

Increasing Attacks on Cryptocurrency Exchanges

CZ pointed out that hackers are specifically targeting multi-signature cold wallets in light of these recent events. During the Bybit attack, hackers manipulated the front-end interface to create the illusion that users were conducting transactions. However, the actual signed transaction involved a completely different fund transfer, highlighting potential severe vulnerabilities in multi-signature security systems.

Statement from Changpeng Zha…