Bybit hack a setback for institutional staking adoption: Everstake exec
Stakers are migrating away from centralized exchanges like Bybit, Everstakes’ COO said.
Cryptocurrency exchange Bybit’s billion-dollar cybersecurity exploit was a setback for institutional adoption of crypto staking, Bohdan Opryshko, staking services provider Everstake’s chief operating officer, told Cointelegraph.
On Feb. 21, the Lazarus Group, a hacking operation based in North Korea, gained access to Bybit’s wallet credentials and stole some $1.4 billion worth of liquid staked Ether (STETH). It was the industry’s largest-ever hack.
High-profile cybersecurity breaches dissuade institutional investors from allocating to crypto, including staking Ether (ETH), Opryshko said.
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