Ethereum multisig wallet provider Safe Wallet has made an announcement regarding the gradual restoration of its services with enhanced security features to be implemented within the next 24 hours.
This decision comes in the aftermath of the $1.4 billion Bybit hack, where attackers exploited a masked URL and manipulated contract logic to drain the exchange’s cold wallet. In a recent post on Feb. 24, Safe Wallet confirmed its plan to resume services in phases while introducing additional security measures to prevent similar exploits in the future.
To bolster its security protocol, Safe Wallet will be implementing stricter validation measures, enhanced monitoring warnings, and additional security checks. While these updates may result in slightly longer transaction times, the primary goal is to fortify the platform against potential breaches. Users are advised to exercise caution and review transaction data before signing off on any transactions.
Prior to the hack, Safe Wallet had already taken precautionary measures to safeguard its front end from compromise. The wallet temporarily suspended certain functionalities, including native Ledger integration, as the compromised signing method in the Bybit attack involved a Ledger device.
Following the security breach, various prominent blockchain entities joined forces to address the situation. Bybit disclosed on Feb. 23 that $42.89 million had been frozen as part of the coordinated effort. Tether, THORChain, ChangeNOW, FixedFloat, Avalanche, CoinEx, Bitget, and Circle collaborated to identify and block blacklisted addresses, freeze stolen assets, and track the movements of the attacker.
In a show of appreciation for the swift action taken by security professionals and ethical hackers, Bybit has offered a bounty of 10% of the recovered assets, amounting to $140 million. The exchange has confirmed that deposits and withdrawals are now fully operational, as evidenced by on-chain data verification.
Overall, the cryptocurrency community remains vigilant in the face of cyber threats, with a strong emphasis on implementing robust security measures to safeguard user funds and prevent future incidents of exploitation. By prioritizing security enhancements and collaboration among industry stakeholders, the ecosystem aims to foster a safer and more resilient environment for digital asset management.