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Updated Aug 22, 2025, 7:35 p.m. Published Aug 18, 2025, 10:54 a.m.
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Crypto for Humans: Lessons from the Bybit Hack

(Clint Patterson/Unsplash)

The exploit showed that human failings, not technical glitches, are the most important factors in such incidents, says INSEAD's Ben Charoenwong.

알아야 할 것:

  • The recent security breach at Bybit, the world's second-largest cryptocurrency exchange, involved a home-grown Web3 implementation using Gnosis Safe, triggering around 350,000 withdrawal requests.
  • Human error, not technical flaws in blockchain protocols, has consistently been the primary vulnerability in cryptocurrency breaches, with organizations often failing to secure systems due to a lack of responsibility acknowledgement or reliance on custom-built solutions.
  • A shift towards human-centric security design is essential, with modern solutions needing to anticipate human mistakes and remain secure despite these errors, integrating behavioral anomaly detection and multi-factor authentication principles.