The SAFE report on the results of the BYBIT hacking investigation of $ 1.46 billion is written in vague and leaves more questions than answers. This was stated by the founder of Binance Chanpeng Zhao (CZ).
I Usually Try Not to Criticize Other Industry Players, But I Still Do Once in A While. $
This update from Safe is not That Great. IT USES Vague Language to Brush Over The Issues. I have more Questions than Answers after Reading it.
1. What DOES “Compromising A Safe … https://t.co/vxywhyzqxb
– CZ 🔶 BNB (@cz_binance) February 26, 2025
According to the conclusions of the wallet team, Lazarus Group attacked Bybit using the compromised engineer of the developer Safe {Wallet}. The result was a proposal of disguised malicious transaction. The incident occurred during the transfer of funds from the cold storage.
The examination did not reveal any vulnerabilities in the smart contracts of the wallet or the source code of the front-end and services. The Safe {Wallet} team took additional measures to eliminate the attack vector, they added.
According to CZ, the conclusions presented did not answer a number of important questions:
- What does the “hacking of the developer machine” mean and how was it implemented?
- How did this device gain access to the “BYBIT account”?
- How did the hackers deceive the Ledger check stage from several signatures?
- Was BYBIT address with $ 1.46 billion the largest under SAFE and why the attackers did not aim at others?
- What lessons can other providers of multisig-wallets for independent storage and users learn?
The co -founder of GNOSS SAFE, Martin Coppelman, presented CZ some explanations.
thatk @cz_binance
1) The Interface Was Compromized – There Was No Bug in the Interface Code But Instead the Got Access to the Server Via A Compromized Developer Machine.2) The Interface Was Modified Spacifylly Targeting the Bybit Safe. So when Bybit Woup Do a Transaction -…
– Koeppelmann.eth 🦉💳 (@Koeppelmann) February 26, 2025
In general, he repeated the theses from the report regarding the attack vector and could not explain the methods of deceit of the signatories. According to Coppelman, the BYBIT storage was really one of the largest and, apparently, was the first to attack a similar attack-that is why hackers tried to hide its traces.
The entrepreneur also spoke about the measures developed to strengthen transaction safety.
Regarding the third question, CZ was given the answer by the technical director of Ledger Charles Guyme. According to him, the hardware wallet provider provides a number of solutions to ensure the safety of transactions, but it is difficult to integrate them into SAFE due to technical features.
A complete ANSWER To (3) Gere: https://t.co/u18k7ox5c
– Charles Guillemet (@p3b7_) February 26, 2025
Earlier, the co -founder of Blockstream and Cipheropank Adam Beck came to the conclusion that the cause of hacking the Exchange was the “wrong EVM design”.
Be in the know! Subscribe to Telegram.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
