Latest news with #OsamaBari
Zawya
20-03-2025
- Business
- Zawya
XRP Set to Lead Quantum-Ready Blockchain Security, Says D24 Fintech Group
XRP has earned strong appeal in traditional financial markets due to its widespread adoption by financial institutions and its status as a pioneering American digital asset. Positioning itself as a quantum-ready blockchain, XRP is proactively fortifying its infrastructure to safeguard against the disruptive impact of quantum computing. As quantum technology progresses, XRP's early commitment to quantum resistance could provide a significant competitive advantage in the evolving financial sector. While XRP already excels in facilitating fast and scalable cross-border payments, the rise of quantum machines presents both potential risks and opportunities. The XRP Ledger, developed by Ripple, represents a major leap in blockchain technology. Unlike conventional blockchain networks that rely on mining, the XRP Ledger employs a distinctive consensus protocol that processes transactions within 3-5 seconds while maintaining high security. This innovative system has revolutionized international payments, offering financial institutions an efficient and cost-effective method for cross-border transfers. Osama Bari, Chief Technology Officer at D24 Fintech Group, explained, 'Quantum computers possess immense processing power, enabling them to solve complex mathematical problems exponentially faster than classical computers. Algorithms such as Shor's Algorithm could potentially break the encryption methods used by current blockchain networks, including the XRP Ledger. If quantum computers reach their full potential, they could compromise crypto security within moments.' 'This vulnerability arises from the quantum computers' ability to conduct parallel computations at unprecedented speeds, which could undermine the cryptographic foundations securing blockchain transactions. This is especially concerning for the long-term storage of digital assets and sensitive financial data. In response, Ripple's developers are enhancing the XRP Ledger with quantum-resistant cryptography, incorporating post-quantum algorithms like Hash-Based Signatures and Lattice-Based Cryptography to protect transactions and wallets over time.' By adopting quantum-resistant technology early, XRP positions itself as a potential security benchmark for the blockchain industry, which could attract financial institutions and governments looking for future-proof payment infrastructure. Additionally, with quantum-resistant security in place, XRP may become a preferred choice for Central Bank Digital Currencies (CBDCs), such as the Digital Dollar or Euro. Bari further noted, 'Though quantum computing is still evolving, XRP's proactive approach could establish it as a leader in secure and scalable financial networks. While XRP is not the only cryptocurrency working towards quantum resistance, its proactive stance, strong financial sector connections, support from the Trump administration, and potential for price rallies make it particularly interesting in light of the quantum computing revolution.' 'If the SEC drops its appeal against Ripple and an XRP ETF is approved, prices may revisit previous highs or even reach new levels. The quantum-resistant upgrades will further bolster investor confidence, while the Trump administration's 'Made in USA' initiative could fuel XRP's growth potential.' As a bank-focused digital asset widely used by financial institutions, XRP continues to hold strong appeal in traditional markets. Its status as an American digital asset, combined with support from the current administration and its pioneering nature, gives XRP significant potential for growth, especially considering that it hasn't experienced the massive price surges seen by other early-stage digital assets, Bari concluded. Copyright © 2022 - All materials can be used freely, indicating the origin Provided by SyndiGate Media Inc. (
Zawya
12-03-2025
- Business
- Zawya
Bybit crypto heist: Five key lessons to prevent a repeat
Dubai-based cryptocurrency exchange Bybit was the victim of what is being widely reported as the single largest digital theft in history. Hackers extracted approximately $1.5bn (£1.2bn) from an Ethereum wallet and transferred the contents to a new, unlocatable address. The platform has assured users of its liquidity—despite a significant increase in the volume of withdrawals in the wake of the breach—promising refunds to all affected users even if the stolen money is not recovered. According to Osama Bari, Chief Technology Officer at D24 Fintech Group, exchanges that comply with a core set of rules will drastically reduce their chances of suffering a similar breach. 1. Multi-party approval systems The Bybit security breach was primarily caused by vulnerabilities in multi-signature authorization and UI spoofing tactics, where attackers manipulated the interface to display different addresses. Bari said: 'Even experienced professionals might overlook such discrepancies without a thorough investigation. Typically, such issues often go unnoticed during routine exchange operations. 'To mitigate such risks, exchanges should implement a threshold-based, multi-party approval system for all transactions. Additionally, secure platforms require real-time monitoring systems to analyze deposits and withdrawals, with automated cross-checks for unusual spikes. If required, large transactions must be manually verified with a comprehensive report. Each withdrawal should undergo a transaction audit score assessment before being processed.' 2. Ensure two-factor authentication is in place Two-factor authentication (2FA) is a security method that requires a second form of identification to access any account information or funds. Bari: '2FA is no new phenomenon, but its importance as a tool for verifying users and ensuring only the right personnel can manage and withdraw balances or view confidential information cannot be understated. 'This is a basic form of protection that exchanges should absolutely be offering to their customers and can be a vital deterrent for hackers as it increases the difficulty of breaching gated accounts. All financial providers have a duty to protect their users and 2FA is a guaranteed way of raising the level of in-built security they provide.' 3. Custodians are valuable third parties Custodians safeguard assets for fellow financial institutions to reduce the risk of loss, theft, or damage. Bari continued: 'Exchanges should not underestimate the level of responsibility that comes with holding considerable volumes of assets on behalf of customers. Failure to put the appropriate measures in place to protect these funds, as we've just seen with the Bybit hack, could result in disastrous consequences for both the company attacked and the users impacted. 'Turning to external organizations to bolster security is a viable option for exchanges that lack the infrastructure and liquidity to manage millions, or even billions, worth of currency. Partnering with a trusted custodian will ensure that customer investments stay safe, allowing exchanges to focus on other important activities such as enhancing user experience and increasing the financial literacy of their customers.' 4. Perform a liveness check A liveness check verifies a user's identity through a biometric measure, for example, their face or fingerprint. 40% of banks have implemented this precaution to tackle fraud, up from 26% five years ago. Bari: 'For crypto exchanges, and financial institutions more generally, a liveness check adds that final layer of protection to dissuade hackers from attempting an attack. Having access to passwords, secure keys, or even primary devices is no longer enough to successfully bypass security measures—customers are protected as their face, fingerprints, and even voices are all unique.' 5. Make security CEXy Centralized cryptocurrency exchanges (CEXs) are regulated intermediaries that facilitate the trading of fiat and digital currencies. Bari concluded: 'A pivotal element of cryptocurrency's appeal throughout its history has been its decentralized nature, with many early adopters drawn to this form of tender by its anonymity. However, as crypto has become increasingly mainstream and a viable investment for individuals globally, it's important to reshape our thinking and start putting security at the top of the list of priorities. 'Due to Bybit's centralized approach, the exchange was able to freeze $42.85 million in stolen assets within 48 hours through collaborations with other platforms. This highlights the increased resilience of CEXs and how trusted partnerships with other organizations in the crypto field can limit the damage inflicted in a hack.' Copyright © 2022 - All materials can be used freely, indicating the origin Provided by SyndiGate Media Inc. (
