Crypto Chaos: Hackers Make a Killing While CEOs Insist “Nothing’s Changed” 😒

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Well, it seems like the crypto world is still content with its “security measures,” which, by the way, might as well be a sticky note that says “We’re safe, don’t worry.” Despite a massive $1.4 billion being snatched in the Bybit hack, Hacken CEO Dyma Budorin is unimpressed, claiming that crypto companies aren’t exactly rushing to rethink their approach to cybersecurity.

In a fabulous tête-à-tête with CryptoMoon at the Token2049 event in Dubai, Budorin let slip that, shockingly, the industry is still relying on bug bounties and penetration tests like they’re some kind of magic shield. Who needs a proper strategy when you can throw a few basic checks and call it a day, right? 🙄

“Most of the projects think, ‘Okay, we did pentests. That’s enough. Maybe bug bounty. That’s enough.’ It’s not enough.”

It seems crypto companies are clinging to outdated tactics while the grown-ups in traditional industries have long since embraced layered security strategies. You know, like proper supply-chain security, operational security, and, oh yes, blockchain-specific security assessments. But hey, who’s counting? 🤷‍♂️

“In big Web2 companies, this is mandatory,” Budorin added, as if reminding them that security isn’t optional.

Real-time Blacklisting: A Glimmer of Hope, or Just Lip Service?

But wait, there’s a teeny-tiny glimmer of hope. Post-hack security practices have, apparently, shifted a little. But don’t get too excited—it’s more like a shuffle than a leap forward. Budorin told CryptoMoon that security firm Chainalysis now introduces near real-time blacklisting of stolen funds. Progress, right? Well, sort of.

“This is great because, previously, Chainalysis was blacklisting within three days when the funds were moving. And this is obviously nothing because hackers had enough time to launder, through exchanges, the stolen money,” said Budorin, proving that in the world of crypto security, “better” is a relative term.

In a historic twist, the Bybit hack in February left $1.4 billion in crypto as the ultimate heist. The hackers laundered the entire sum in just 10 days. That’s faster than some people finish a cup of coffee, really.

However, let’s not get carried away. While faster blacklisting is a step forward, the deeper issues—like the lack of substantial structural change—remain. But who cares about that? After all, cybersecurity is “totally fine,” according to Budorin. 😏

Crypto Losses: April 2025’s Shocking $360 Million Heist

April 2025 was a month of destruction, with blockchain security firm PeckShield reporting a staggering $360 million in crypto assets stolen across 18 incidents. Talk about a wild month, right?

To put that into perspective, it’s a 990% increase from March, where the losses totaled a mere $33 million. So, what’s a billion-dollar hack in the grand scheme of things? 😅

The largest chunk came from an unauthorized Bitcoin transfer that seemed suspiciously large—$330 million, to be exact. And, in a twist worthy of a spy thriller, it turned out to be a social engineering attack aimed at an elderly individual in the United States. Nice, right?

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2025-05-07 12:32