Safe Wallet, Bybit’s security partner, upgraded its infrastructure following the Bybit Hack, which cost the exchange $1.46 billion.
Safe (Wallet), a multi-signature wallet provider, announced that it was temporarily removing the Native Ledger Integration, the exact feature that the hackers compromised.
The Wallet Provider also announced key upgrades to their security infrastructure, increasing the number of validations required for various transactions. They include additional validations for transaction hash, data, and signatures and enhanced monitoring alerts.
Longer Transaction Time
In its announcement, Safe Wallets warned Bybit users that the increased number of validations may cause longer transaction times.
The Wallet provider warned users to cross-check addresses before making transactions to reduce the human factor being exploited by hackers.
Bybit lost $1.46 billion while trying to move the funds from their cold wallet to a warm wallet. The transaction was checked using a sophisticated form of Access Control Hack called Blind Signing.
The funds were moved to the wrong address, controlled by hackers, and were immediately transferred to various addresses. Tether CEO announced that his firm was able to claw back $181,000 USDT from the hackers.
Popular Online Sleuth ZachXBT outlined a list of addresses linked to the hackers, making it easier to track the stolen funds.
$1.5 billion Loss Fully Replenished
As of the time of the report, Bybit has fully restored the Ethereum reserves affected by the recent $1.46 billion hack.
The exchange replenished the lost funds through a combination of loans, large deposits from cryptocurrency whales, and direct Ethereum purchases.
Minutes after the hack, Bybit’s CEO, Ben Zhou, stated that the exchange was solvent and could make up for the $1.46 billion loss.
Recent developments confirmed his assertions to be true: Bybit has processed over 350,000 transactions since the hack occurred.
Bybit CEO has received accolades for stellar Crisis Management, which improved user confidence and brought much-needed credibility to the Crypto space.
