The February hack against Bybit resulted in the theft of $1.4 billion in Ether-related tokens, executed by the North Korean hacking group Lazarus. The incident raised significant concerns about security and the safety of users' funds. CertiK's chief business officer, Jason Jiang, highlighted that the hack exploited the multisignature SafeWallet by compromising the devices of all three signers, leading them to sign a malicious transaction unknowingly. While the incident raised questions about the reliability of SafeWallet, Jiang emphasized that the risk for ordinary users remains low if they practice caution. Users are encouraged to store assets in cold wallets and stay vigilant against phishing scams. Jiang also pointed out that a lack of comprehensive regulations in crypto contributes to ongoing vulnerabilities. He suggested that exchanges could enhance security by offering more substantial bug bounties to attract and retain talented security engineers. Ultimately, Jiang believes the industry needs to embrace regulations to improve safety as it continues to grow.

Source 🔗