3 Best Bybit Alternatives As Top CEX Is Hacked

Tier-1 CEX Bybit fell prey to North Korea’s Lazarus group in what is being considered the biggest crypto hack in history. 

Bybit CEO Ben Zhou reported that nearly $1.5 billion in Ethereum and ETH-based crypto assets were stolen from one of CEX’s cold wallets through a masked UI attack.

The exchange kept withdrawals active and revealed sufficient ETH reserves to cover the losses, both moves aimed at assuaging community concerns. 

Zhou reported early Saturday morning that all withdrawals had been processed and the system was now operating without delays.

However, smart money investors are still advising users to withdraw their assets from Bybit until the CEX completes a thorough security audit. 

Top 3 Bybit Alternatives

The $1.4 billion hack has forced users to take a look at Bybit’s alternatives. 

In particular, three brands have emerged as standout choices. 

Uniswap

Following the Bybit hack, there is an increased demand for DEXs, particularly Uniswap. 

Unlike Bybit and other CEXs, DEXs don’t hold users’ funds and, therefore, do not offer any centralized targets. 

As with every high-quality DEX, Uniswap uses a self-custody model. This means users’ private keys do not leave their devices, giving them full control of their assets. 

As such, Uniswap is known for its state-of-the-art security protocol. This includes regular security audits and transparency through source-available code. Moreover, it uses encryption to protect user data and transactions. 

Despite the high trading cost, Uniswap could see a massive surge in deposits as users migrate from CEXs to DEXs in response to the Bybit hack. 

Hyperliquid

Hyperliquid is a cutting-edge decentralized exchange built on its own high-performance Layer-1 chain, HyperEVM. The exchange claims to offer the best of both CEXs and DEXs—with the users benefitting from fast speeds, low fees, low latency and advanced features like perpetual trading derivatives. 

Moreover, Hyperliquid has taken strong steps to ensure the safety of client funds. Unlike Bybit, its multi-sig wallet isn’t operated by humans. Instead, it requires a validator quorum from verified actions on-chain. The company has also planned to expand its validator set to address any potential centralization concerns.

Moreover, its multi-sig doesn’t even rely on a smart contract, which ultimately became Bybit’s downfall. Instead, it is available as a built-in primitive.

The Hyperliquid ecosystem undergoes regular audits from third-party blockchain security companies. Just recently, its bridge contracts were audited by Zellic. 

Furthermore, its decentralized architecture, transparent on-chain order book, validator-secured bridges and regular community alerts have made it one of the safest Bybit alternatives. 

Best Wallet 

Best Wallet has emerged as one of the hottest DeFi wallets on the market, thanks to its multi-chain, no-KYC and non-custodial features. 

Beyond the traditional wallet capabilities, it aims to be a one-stop shop for all things crypto, through cutting-edge features including a presale aggregator, staking aggregator, futures and derivatives trading platform, crypto debit card, etc. Many prominent analysts have called it “the only wallet you will need”.

It is not without reason that Best Wallet has amassed over 500,000 users within 3 months of its launch and is seeing a 630% MoM growth in app installations. 

Best Wallet’s broad scope doesn’t mean it has compromised its security and has partnered with cutting-edge companies like Fireblocks. 

For instance, it has unveiled a non-custodial MPC model. Every private key is split into two, one half stored on Fireblock’s server while the other half is stored on users’ devices. Only the user will have full control of the key, and consequently, their assets. 

Furthermore, Best Wallet’s unique and secure passcodes, two-factor and biometric authentication and regular safety communication have established it as one of the safest crypto wallets on the market. 

Download Best Wallet Application