The recent Bybit hack surprised the cryptocurrency industry due to the sheer volume of the loss, which involved an estimated $1.46 billion in Ethereum, as well as the vertical assault approach deployed. Rather than compromising Bybit’s core infrastructure, attackers targeted Safe{Wallet}, a provider of multi-signature wallet security. The attack exposes serious gaps in Bybit’s operational security and Safe’s failure to detect unauthorised system changes. This article offers a timeline of events, analyses Safe’s security flaws, investigates Bybit’s insufficient transaction processing procedures, and discusses what crypto organisations can learn from traditional…
Read MoreThe Bybit Hack: A Vertical Attack
