🌎 Safe Wallet Resumes Services After Bybit Hack

Safe Wallet to Resume Services with Enhanced Security Features Following Bybit Hack

Ethereum multisig wallet provider Safe Wallet has announced that it will gradually restore its services within 24 hours, with improved security features in place. This move comes after the recent $1.4 billion Bybit hack, which exploited a masked URL and contract logic manipulation to drain the exchange’s cold wallet.

On February 24, Safe confirmed via a post that it will resume phased rollout while implementing additional security measures. These updates include stricter validation measures, enhanced monitoring warnings, and more security checks to prevent similar exploits in the future.

Enhanced Security Measures

The purpose of these updates is to stop similar exploits, although they might result in somewhat longer transaction times. Users have been cautioned by the team to be on the lookout for transaction data before signing. The restored Safe Wallet includes an additional layer of security measures, such as:

Additional validations for transactions
Enhanced monitoring warnings
More security checks

The Safe Wallet team is working diligently to restore services and will begin a phased rollout within the next 24 hours.

Response to the Bybit Hack

Following the hack, major blockchain entities have teamed up to respond to the attack. Bybit revealed on February 23 that $42.89 million has been frozen. This was made possible by the coordinated effort of Tether, THORChain, ChangeNOW, FixedFloat, Avalanche, CoinEx, Bitget, and Circle, who all played a role in identifying and blocking blacklisted addresses, freezing stolen assets, and assisting in tracking the attacker’s movements.

A coordinated effort led to the freezing of $42.89M in just one day. Thanks to the following teams for their swift action…

Bybit is offering a bounty of 10% of the recovered assets, or $140 million, to security professionals and ethical hackers who assist in recovering the stolen coins. The exchange has confirmed that deposits and withdrawals are now fully operational, as verified by on-chain data.