Safe Multisig Wallet Temporarily Halts Functionalities Amid Bybit Hack Investigation

The Ethereum multisig wallet Safe has announced a temporary halt on certain functionalities as the investigation into the recent $1.4 billion Bybit hack begins. The wallet’s security team has not found any evidence of a frontend exploit, but the precautionary measure is being taken to ensure user safety.

What Happened?

On February 21, 2025, the crypto exchange Bybit suffered a major hack, resulting in the draining of over $1.4 billion worth of Ethereum from its multisig cold wallet. A hacker used a “masked” URL to deceive signers, allowing them to change the contract logic and take control of Bybit’s ETH cold wallet.

The hacker successfully moved all ETH in the wallet to a new address and has since initiated transfers to other wallet addresses. This incident is considered one of the most devastating heists in the crypto world, comparable to previous hacks that impacted Mt. Gox, Coincheck, and FTX.

Bybit’s Response and Industry Support

Bybit CEO Ben Zhou has assured the community that the exchange remains solvent and can cover the losses. Withdrawals have not been halted, but industry experts, including Binance founder and former CEO Changpeng Zhao, have suggested that pausing withdrawals may be a necessary security precaution.

Not an easy situation to deal with. Might suggest to halt all withdrawals for a bit as a standard security precaution. Will provide any assistance if needed. Good luck!

Safe is collaborating with the Bybit team on the investigation, and the platform’s security team is working to ensure the safety of its users. The temporary halt on certain functionalities is a precautionary measure to prevent any potential further incidents.

Tips for Staying Safe in the Crypto Space

  • Always verify the authenticity of URLs and addresses before signing any transactions.
  • Use reputable and secure multisig wallets to manage your assets.
  • Stay informed about the latest security measures and best practices in the crypto space.
  • Regularly monitor your accounts and report any suspicious activity to the relevant authorities.

Stay up-to-date with the latest news and developments in the crypto space by following Global Crypto News.

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