Rollout in Phases with Improved Security
Safe Wallet has declared that it will launch a phased rollout with more stringent security measures and restart operations in a day. As part of its effort to stop future hacks, the Ethereum multisig wallet service is advising users to thoroughly check transaction data before signing.
Effects on Safe Wallet of the Bybit Hack
The recent Bybit hack, which resulted in the theft of over $1.4 billion in money, prompted the decision to restore services. Attackers targeted Bybit’s cold wallet and took advantage of flaws by manipulating contract logic and using masked URLs. Safe Wallet has responded by fortifying its security architecture to counteract comparable dangers.
Detailed Implementation and Security Improvements
Three significant security enhancements were outlined in a comprehensive deployment strategy that Safe Wallet posted on X (previously Twitter) on February 24. Stricter validation checks, better security procedures, and more reliable monitoring alerts to identify questionable activity in real time are some of these improvements.
Suspensions of Temporary Features for Increased Security
The company has chosen to temporarily halt native Ledger integration and some additional functionality, even though Safe Wallet’s interface was secure during the incident. Even if these extra security measures result in some delays in transaction processing, their goal is to strengthen overall security.
Working Together to Freeze Stolen Property
The Bybit attack was largely caused by a flawed Ledger signing technique, which forced Safe Wallet to review its security architecture. Major blockchain groups have teamed up to track down and freeze the stolen assets in the interim.
Bybit successfully frozen almost $42.89 million in stolen funds by working with Tether, THORChain, ChangeNOW, FixedFloat, Avalanche, CoinEx, Bitget, and Circle. In order to assist in the recovery of cash, the collaborating entities tracked and blacklisted suspicious addresses.
Bybit’s Promise to Retrieve Stolen Money
Bybit has launched a reward scheme to incentivise security experts and ethical hackers to recover the stolen assets. A 10% reward, or $140 million, has been offered by the exchange for successfully recovering the stolen money.
Restoring Transaction Capabilities and Services
On-chain data confirms that Bybit has now completely resumed its deposit and withdrawal services. Bybit and Safe Wallet are taking aggressive measures to stop similar situations in the future and protect their users’ assets by implementing security reinforcements.
