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Bybit Beefs Up Asset Security Following $1.45B Hack
The attack on Bybit in February, which saw nearly $1.5 billion worth of digital assets stolen, was the largest hack of a crypto exchange in dollar terms ever.
Apr 3, 2025, 11:57 a.m.
What to know:
- Bybit, which was hit by a $1.45 billion hack six weeks ago, has teamed up with Zodia Custody to beef up its security offering for institutional clients.
- The attack on Bybit in February, which saw nearly $1.5 billion worth of digital assets stolen, was the largest hack of a crypto exchange in dollar terms ever.
- Such instances give a bloody nose to the prospects of increasing institutional adoption of digital assets.
Cryptocurrency exchange Bybit, which was hit by a $1.45 billion hack six weeks ago, has teamed up with Zodia Custody to beef up its security offering for institutional clients.
Backed by a troupe of heavyweight traditional finance (TradFi) companies including Standard Chartered, Zodia offers segregated custody and off-venue settlement.
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This means users can trade on Bybit while their assets remain in Zodia's custody, thus reducing exposure to on-exchange risks and preventing co-mingling of funds.
The attack on Bybit in February saw nearly $1.5 billion worth of digital assets stolen and was the largest hack of a crypto exchange in dollar terms ever.
Such instances give a bloody nose to the prospects of increasing institutional adoption of digital assets, hence the requirement for custody services akin to what institutions would expect in the TradFi world.
Zodia Custody CEO Julian Sawyer referred to its product as "custody and settlement built for institutions, not retrofitted for crypto," in an emailed announcement on Thursday.
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Crypto Investment Firm Blockstream to Acquire TradFi Hedge Fund Corbiere Capital
The planned deal will bring Corbiere’s equity and event-driven strategies under Blockstream’s asset management arm.
What to know:
- Blockstream plans to acquire Jersey-based hedge fund Corbiere Capital Management for an undisclosed amount.
- Corbiere founder Rodrigo Rodriguez will become CIO of Blockstream Capital Management, a new asset management unit.
- Komainu, a Blockstream portfolio company, will handle custody, connectivity and off-exchange collateral management.
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