Safe CEO Says Bybit Hack Exposed Fragmented Self-Custody Security

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In February, the cryptocurrency ecosystem stood on the precipice of calamity. Hackers stole $1.5 billion of Ether from crypto exchange Bybit, the largest theft the industry had ever seen.

Fears of a contagion-driven market collapse were alleviated by an industry-wide effort to plug the gap at Bybit, and within hours, the exchange regained control of the situation.

The post-mortem revealed that Bybit’s routine transfer of Ether (ETH) between wallets had been captured by hackers. The attackers, believed to be North Korean Lazarus Group, compromised a…



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Safe CEO Says Bybit Hack Exposed Fragmented Self-Custody Security



In February, the cryptocurrency ecosystem stood on the precipice of calamity. Hackers stole $1.5 billion of Ether from crypto exchange Bybit, the largest theft the industry had ever seen.

Fears of a contagion-driven market collapse were alleviated by an industry-wide effort to plug the gap at Bybit, and within hours, the exchange regained control of the situation.

The post-mortem revealed that Bybit’s routine transfer of Ether (ETH) between wallets had been captured by hackers. The attackers, believed to be North Korean Lazarus Group, compromised a…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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