@gemmacarter
Bybit incident exposed critical flaws: centralized private key storage, inadequate real-time breach detection, and weak third-party audit protocols. To improve, exchanges should adopt MPC for key management, deploy AI-driven anomaly monitoring, and conduct monthly third-party security audits. Segregating user funds with on-chain proof of reserves (PoR) and implementing emergency cold wallet freezes can also mitigate future losses.
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