Leading Bitcoin Exchange Article: Bybit has started a new blacklist application programming interface (API) to improve security and aid in the recovery of pilfers of digital assets. This project responds to a recent cybercrime causing major losses that calls for a quick response from the Exchange.
Published on February 23, the blacklist API seeks to assist white hat hackers, security researchers, and industry partners in tracking and recovering pilfers of monies. Bybit has promised to routinely update the list of blacklisted wallets to fight changing crypto-based threats.
Bybit has developed a bounty scheme with up to 10% of successfully recovered assets to further encourage attempts at recovery. This project emphasizes the exchange’s dedication to user protection and enhancement of the general crypto ecosystem security. Emphasizing the need for group action, Bit CEO Ben Zhou said that industry players working together can strengthen their protection against cyberattacks.
Apart from the API release, Bybit is closely collaborating with law enforcement authorities and cybersecurity professionals to monitor the pilfers of money and pinpoint the accountable persons. Constant exploration of several ways to reduce future hazards has also come from talks with Ethereum developers and blockchain companies.
Some crypto enthusiasts recommended reversing the Ethereum blockchain to a former state prior to the hack. But Ethereum’s main developer, Tim Beiko, dismissed the viability of such a strategy, pointing to technological constraints and the possible effects on the larger network.
Bybit is still dedicated to strengthening industry-wide cooperation and security protocols. The exchange keeps improving its security plans to guarantee users and stakeholders stay safe in a digital terrain growing more complex.
