There are so many other lessons being learned, but this is certainly one of them.”How to prevent the next multibillion-dollar exchange hackJiang pointed to a lack of comprehensive regulations and safeguards as a potential element contributing to the ongoing fallout from the hack, which fueled debates over the limits of decentralization after several validators from crosschain bridge THORChain refused to roll back or block any of Lazarus Group’s efforts to use the protocol to convert its funds into Bitcoin (BTC).“Welcome to the Wild West,” said Jiang.“This is where we are right now.”“From our view, we think crypto, if it is to be flourishing, it needs to hug the regulation,” he argued.“To make it easy to be adopted by the mass general here, we need to hug the regulation, and we need to figure out ways to make this space safer.”Related: Financial freedom means stopping crypto MEV attacks — Shutter Network contributorJiang commended Bybit CEO Ben Zhou on his response to the incident, but he also pointed out that the exchange’s bug bounty program prior to the hack had a reward of just $4,000.
When asked about the ways exchanges and protocols can motivate and retain top-tier talent to help protect their systems, Jiang suggested that security engineers don’t always get the credit they deserve.“A lot of people say that the first-degree talent goes to the developers because that’s where they will get most rewarding,” he said.“But it’s also about us giving enough attention to the security engineers.
On Episode 57 of Contelegraph’s The Agenda podcast, hosts Jonathan DeYoung and Ray Salmond speak with CertiK’s chief business officer, Jason Jiang, to break down how the Bybit hack happened, the fallout from the exploit, what users and exchanges can do to keep their crypto secure, and more.
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Author / Journalist: Cointelegraph by Jonathan DeYoung
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