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The $1.5 Billion Bybit Heist: A Wake-Up Call for Crypto Securit

  The cryptocurrency world was rocked by the news of one of the largest heists in its history: hackers stole a staggering $1.5 billion from the popular exchange Bybit. This incident, reported by NBC News, is a stark reminder of the vulnerabilities that still plague the crypto industry, despite its rapid growth and technological advancements. Let’s dive into what happened, what it means for the crypto ecosystem, and how users and exchanges can better protect themselves in the future. What Happened? Bybit, a leading cryptocurrency exchange known for its derivatives trading platform, fell victim to a sophisticated cyberattack. Hackers exploited vulnerabilities in the exchange’s security infrastructure, making off with $1.5 billion in digital assets. While the exact method of the attack hasn’t been fully disclosed, such breaches often involve phishing, social engineering, or exploiting software flaws. This heist is particularly alarming due to the sheer scale of the theft. It not only ...
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UAE banking sector assets surge to Dh4.46 trillion

 The Central Bank of the UAE achieved record financial results in 2024 across all indicators. - File photo

The apex bank noted that the UAE's national economy continued its exceptional performance in 2024, driven by positive growth across all economic sectors and the vital role of the CBUAE. Real GDP growth is estimated at 4.0 per cent, with nominal GDP projected to reach approximately Dh2 trillion in 2024, compared to Dh1.9 trillion in 2023.

In 2024, the central bank implemented initiatives to support national housing programmes by providing flexibility in applying certain mortgage requirements. Support provided through national housing funds reached Dh6.1 billion in 2024.

To develop the local capital market and effectively implement the dirham's monetary framework, outstanding Certificates of Deposit (CDs) reached Dh209 billion in 2024, compared to Dh169 billion in 2023, reflecting high market liquidity. The CBUAE is among the first central banks globally to issue Islamic CDs, with outstanding balances reaching Dh 42 billion in 2024, compared to Dh45 billion in 2023. Under the Treasury Bonds Programme, launched in 2022 in collaboration with the Ministry of Finance as issuer and the CBUAE as issuing and paying agent, Dh 8.3 billion in dirham-denominated Treasury bonds and Sukuk were issued in 2024, compared to Dh16.7 billion in 2023, the CBUAE said.

The several legislative and regulatory frameworks issued by the CBUAE to enhance regulation and supervision of licensed financial institutions and improve the performance of the financial, banking, and insurance sectors, include Federal Decree-Law No. 13 of 2023, establishing and regulating the Financial Stability Council, chaired by the CBUAE's Chairman. The council aims to enhance and protect financial stability, facilitate cooperation among regulatory authorities, identify risks, recommend mitigation strategies for systemic risks, promote financial control, and ensure the financial system's effective contribution to sustainable economic development.

Over 139 new regulations, standards, and guidelines were issued, and 307 regulations and notices were repealed between 2018 and 2024, reflecting the CBUAE's commitment to Zero Government bureaucracy programme and to modernising financial regulations and streamlining financial services for individuals, licensed financial institutions, and businesses. Key regulations issued in 2024 include the world's first Open Finance framework, promoting secure and efficient open finance services, the apex bank said.

The CBUAE also issued the Middle East's first stablecoins regulation and the GCC's first specialised banks with low-risk regulation. A new enabling regulatory framework for licensed financial institutions and insurance companies, aligned with international standards, supports the development of the financial sector and the national economy. Enhancements were also made to AML/CFT regulations.

The UAE banking sector, the largest in the Middle East, recorded a big surge in assets in 2024, reaching Dh4.457 trillion at the end of November 2024, compared to Dh4.075 trillion in 2023, the Central Bank of the UAE (CBUAE) said on Wednesday.

The net non-performing loan ratio decreased to 2.1 per cent in 2024 from 2.4 per cent in 2023, highlighting improved asset quality in the banking sector.

The insurance sector also grew significantly in 2024, with gross written premiums reaching approximately Dh64.5 billion, compared to Dh53.3 billion in 2023.The CBUAE achieved record financial results in 2024 across all indicators. Total assets are estimated to reach approximately Dh896 billion, driven by increased net inflows into the national economy, compared to Dh721 billion in 2023.


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