Safe Wallet to Restore Services with Enhanced Security Features

Ethereum Multisig Wallet Provider Takes Immediate Action Following Major Hack

In response to the recent $1.4 billion hack of cryptocurrency exchange Bybit, Ethereum multisig wallet provider Safe Wallet has announced plans to gradually restore its services within the next 24 hours, along with improved security features. The vulnerabilities exploited in the Bybit incident involved a masked URL and manipulation of contract logic, which allowed the assailants to drain the exchange’s cold wallet.

On February 24, in a post on social media platform X (formerly Twitter), Safe confirmed their phased rollout plan. The company is implementing significant changes designed to enhance the security of its wallet services while cautioning users to remain vigilant for transaction data prior to signing.

Enhanced Security Measures

In light of the recent breach, Safe Wallet is ramping up its security protocols. The new features include:

• Stricter Validation Measures: Additional checks will be implemented to ensure the authenticity of transactions.
• Enhanced Monitoring Warnings: Users will receive updated notifications about their transactions, designed to prevent unauthorized activities.
• Increased Security Checks: More thorough inspections will be in place to ensure the integrity of transactions and user data.

While these security measures are crucial for preventing future exploits, the company notes that they may result in longer transaction times. Safe emphasizes the importance of user vigilance, advising them to closely review transaction details before execution.

Services Temporarily Paused

Following the Bybit hack, Safe Wallet opted to pause certain functionalities, including its native integration with Ledger devices. The decision stemmed from the fact that the compromised signing method in the Bybit incident involved a Ledger device. Safe Wallet confirmed that its frontend remained uncompromised but chose to take precautionary steps to safeguard user assets.

Collaborative Response to the Bybit Hack

The fallout from the Bybit hack has triggered a collaborative response across the blockchain community. Major entities, including Tether, THORChain, ChangeNOW, FixedFloat, Avalanche, CoinEx, Bitget, and Circle, have united in efforts to identify and block the blacklisted addresses associated with the attack, successfully freezing approximately $42.89 million in stolen assets.

Bybit reported on February 23 that, through coordinated efforts, they managed to freeze a significant amount of cryptocurrency in just one day. The initiatives were praised in a series of tweets highlighting the swift actions of involved teams. Among the successful interventions were the freezing of 181,000 USDT by Tether and the freezing of 120,000 USDC and USDT by FixedFloat.

Rewards for Recovery Efforts

In an effort to incentivize the recovery of the stolen funds, Bybit has announced a reward program offering 10% of the recovered assets, translating to $140 million. This bounty is directed at security professionals and ethical hackers who assist in tracing and recovering the stolen coins.

As of now, Bybit has confirmed that both deposits and withdrawals are fully operational, with operations restored as verified by on-chain data. This positive development marks a significant step forward in the aftermath of the unprecedented security breach.

Safe Wallet’s commitment to improved security measures reflects the ongoing need for vigilance and proactive strategies within the rapidly evolving landscape of cryptocurrency. As they prepare to restore their services, the company aims to reassure users of its dedication to security and asset protection.