Hacken CEO sees ‘no shift’ in crypto security as April hacks hit $357M
The recent Bybit hack resulted in a loss of $1.4 billion, yet crypto companies have not significantly improved their cybersecurity measures, according to Hacken CEO Dyma Budorin. The industry continues to rely on limited strategies like bug bounties and penetration tests instead of adopting comprehensive security approaches. Budorin emphasized the need for layered security similar to traditional industries, including supply-chain and operational security. Post-hack responses have seen slight improvements, such as Chainalysis implementing near real-time blacklisting of stolen funds, reducing the time hackers have to launder money. Despite this advancement, deeper structural risks remain unaddressed. In April 2025, nearly $360 million in digital assets were stolen across 18 incidents, marking a 990% increase from March's losses of about $33 million, with a significant portion attributed to a social engineering attack.
