Bybit, a cryptocurrency exchange, suffered a massive $1.45 billion hack six weeks ago. This incident, which occurred in February, resulted in nearly $1.5 billion worth of digital assets being stolen. It stands as the largest hack of a crypto exchange in dollar terms to date. In response, Bybit has partnered with Zodia Custody to enhance security for its institutional clients. Zodia, backed by traditional finance giants like Standard Chartered, provides segregated custody and off-venue settlement. This allows users to trade on Bybit while their assets are securely held by Zodia, minimizing on-exchange risks and preventing the co-mingling of funds. Zodia’s CEO, Julian Sawyer, emphasized that their service is specifically designed for institutions, not merely adapted from existing crypto solutions.
Trail of Bits
@trailofbits
·
1h What’s worse than losing $1.5B in crypto? Knowing it was preventable. Bybit’s massive hack wasn’t from smart contract flaws but operational security gaps that proper threat modeling would have identified.
OpenZeppelin
@OpenZeppelin
·
Mar 28 $1.4B was stolen in the Bybit hack, making it the largest crypto exploit to date.
But could it have been avoided?
In this video,
@josepchetrit12
shows how OpenZeppelin Safe Utils could have prevented the attack by ensuring users sign the correct transactions in
@safe
Pix
@PixOnChain
·
Feb 21 There was no code exploit.
No leaked private keys.
Bybit’s own multisig signers approved the transactions.
They thought they were signing a routine transfer.
Instead, they were handing over their entire cold wallet…
f(gautham)
@gauthamzzz
·
Feb 21 6/ The good news:
“Bybit is solvent even if this hack loss is not recovered. All client assets are 1-to-1 backed, we can cover the loss.”
Their founder claims they can handle even a bank run scenario: “We have enough tokens to give to the clients.”
David | crypto/acc
@dhkleung
·
Feb 21 Now that we know who’s behind the
@Bybit_Official
attack. Let’s look at how the hack actually worked.
At a high level, the hack involved the 4 broad group of events:
1. Attacker deployed a trojan contract and a backdoor contract.
2. Attacker tricked signers of the upgradeable
Ryan Austin
@RyAustin0
·
23h BREAKING: Bybit HACKED–$1.5 BILLION GONE!
I’ve been warning you, crypto exchanges are NOT safe! If your funds are still on Exchange, you’re at risk.
Not your keys, not your coins! Move to a decentralized wallet NOW and secure it with (QFS) avoid hackers before it’s too late
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