Safe wallet enhances security features after Bybit hack

Ethereum multisig wallet provider Safe wallet has announced that it will gradually restore its services with improved security features within 24 hours. 

This comes after the $1.4 billion Bybit hack which exploited a masked URL and contract logic manipulation to drain the exchange’s cold wallet. On a Feb. 24 X post, Safe confirmed it will resume phased rollout while putting in place additional security measures.

To boost its security features, Safe is introducing stricter validation measures, enhanced monitoring warnings, and more security checks. The purpose of these updates is to stop similar exploits in the future, even though they might result in somewhat longer transaction times. Users have been cautioned by the team to be on the lookout for transaction data before signing.

Safe had previously confirmed that while its front end was not compromised, it was taking additional precautions. The wallet temporarily paused certain functionalities, including native Ledger integration, as the compromised signing method in the Bybit attack involved a Ledger device.

Following the hack, major blockchain entities have teamed up to respond to the attack. Bybit revealed on Feb. 23 that $42.89 million has been frozen. Tether, THORChain, ChangeNOW, FixedFloat, Avalanche, CoinEx, Bitget, and Circle all played a role in identifying and blocking blacklisted addresses, freezing stolen assets, and assisting in tracking the attacker’s movements.

A bounty of 10% of the recovered assets, or $140 million, is being offered by Bybit to security professionals and ethical hackers who assist in recovering the stolen coins. The exchange has confirmed that deposits and withdrawals are now fully operational, as verified by on-chain data.