Bybit hack: ‘Reckoning’ that led SafeWallet to rearchitect its systems
Ethereum smart account wallet platform SafeWallet has rearchitected its systems in the wake of the infamous $1.5 billion theft of ETH from Bybit.
In February, the cryptocurrency ecosystem stood on the precipice of calamity. Hackers stole $1.5 billion of Ether from crypto exchange Bybit, the largest theft the industry had ever seen.
Fears of a contagion-driven market collapse were alleviated by an industry-wide effort to plug the gap at Bybit, and within hours, the exchange regained control of the situation.
The post-mortem revealed that Bybit’s routine transfer of Ether (ETH) between wallets had been captured by hackers. The attackers, believed to be North Korean Lazarus Group, compromised a SafeWallet developer machine, injecting malicious JavaScript into the user interface, which tricked Bybit’s multisignature process into approving a malicious smart contract.