- Daily Dispatch
- Posts
- Not so Safe š
Not so Safe š
Two cybersecurity firms agree that the $1.4 billion Bybit hack was pulled off because malicious code was injected into the Safe wallet codebase.
Stacy Elliott
February 26, 2025
Together with:
š What you need to know
The $1.4 billion hack of crypto exchange Bybit has been hailed as the largest in history. And now, after the conclusion of two independent cybersecurity audits, itās clear that the attack vector had more to do with the companyās multi-sig wallet provider, Safe, than the exchange itself.
According to reports from Verichains and Sygnia Labs, North Korean hackers injected malicious JavaScript code directly into Safeās online infrastructure, which was hosted on Amazon Web Services. It is as of yet unclear how the hackers managed to infiltrate Safeās code.
In a statement shared with Decrypt, Bybit emphasized that initial forensics reports show the exchangeās infrastructure āwas not compromisedā by North Korean hackers. But the news has placed Safe on the defensive. In a statement posted to X on Wednesday, the company acknowledged Verichainsā and Sygniaās findings, saying the hack did stem from a ācompromised Safe Wallet developer machine.ā
From our partner
Track. Reward. Grow.
With Absolute Labs Web3 CRM, you can engage and scale your community, manage KOLs and whales more effectively, and drive deeper brand connections in Web3.
š¬ Quote of the Day
I think it's been presumptuous for us to assume it was Bybit the first five days. I think it's presumptuous to flip 180 degrees and say it's Safeās fault on day six.ā
From our partner
Equadyne: Smarter DeFi with AI Automation
Equadyne is transforming decentralized finance with an intuitive portfolio management platform designed for all experience levels. By integrating AI-driven automation, no-code strategy building, and multi-chain connectivity, Equadyne simplifies DeFi investing.
With automated strategies, real-time analytics, and seamless portfolio tracking, users can optimize investments effortlessly. The upcoming $EQN pre-sale will power the platform, offering benefits like staking rewards, advanced features, reduced fees, and governance participation.
Discover how Equadyne is redefining DeFiālearn more about the pre-sale at Equadyne.finance and join the discussion on Telegram!
