Summary
- SafeWallet said it has completely rebuilt its security system after the Bybit hack.
- The theft was the largest in history, with about 1.5 billion dollars worth of Ethereum (ETH) stolen, and it left a turning point in security awareness across the industry.
- SafeWallet is pursuing structural improvements and says it has the support of major institutional customers.
Ethereum (ETH) smart account wallet platform SafeWallet said it has completely rebuilt its security system following the Bybit hack that occurred last February. The incident was the largest theft in cryptocurrency history, with about 1.5 billion dollars worth of Ethereum (ETH) stolen at the time.
On the 7th (local time), according to Cointelegraph, SafeWallet said it has completely rebuilt its security system following the Bybit hack in February. Immediately after the hack, due to urgent responses across the industry, Bybit regained control of assets within hours, but the aftermath left a "turning point in security awareness" across the industry.
Investigation results revealed that attackers, presumed to be the North Korean hacker group Lazarus Group, compromised SafeWallet developers' terminals and inserted malicious JavaScript. The script tricked Bybit's Multisig approval process into approving a malicious smart contract.
Rahul Rumalla, SafeWallet's Chief Executive Officer (CEO), described the incident as "a decisive moment that redefined the company's fundamental security architecture." In an interview with CoinDesk, he said, "This incident made not only us but the entire industry rethink security standards and development practices."
He continued, "Many users still approve transactions under the concept of 'Blind Signing' without even knowing what they are signing," and emphasized, "This issue is not simply technical but one of education, awareness, and standards."
He also explained, "The fundamental design of Self-Custody (Self-Custody, self-custody) is a structure where security responsibility is distributed," and said, "We are designing a new architecture to integrate these fragmented responsibility structures in response to this incident."
Rumalla said SafeWallet faced intense external scrutiny and criticism after the incident, but "major institutional customers clearly recognize the attack vector and support Safe's efforts for structural improvements," he added.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
