Binance CEO Criticizes Safe for Uncertainties in Bybit Hack Statement

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by Giorgi Kostiuk

2 years ago

Binance CEO Changpeng Zhao has criticized Safe for its ambiguous statement regarding the recent Bybit hack, accusing it of lacking informativeness.

Context of Bybit Hack

In a recent Bybit report on the hack of the Safe platform, where assets were stored, it was claimed that Safe was responsible for the incident. Safe acknowledged the hack but its statement contained ambiguities. Changpeng Zhao expressed his dissatisfaction with this situation.

Changpeng Zhao's Concerns

Changpeng Zhao outlined several key issues with Safe's statement: * Nature of the attack: Zhao questioned what exactly was meant by 'taking over a Safe Wallet developer machine' and how the breach occurred. * Developer access to Bybit accounts: Zhao expressed concerns about how a developer machine interacted with Bybit accounts. * Ledger verification bypass: He also questioned how attackers bypassed Ledger's verification process and whether blind signing was involved. * Target selection: Why did the attackers focus on the $1.4 billion address, ignoring others? * Industry implications: Zhao stressed the need for other providers to reassess their security measures in response to the incident.

Implications for the Industry

Changpeng Zhao urged other wallet providers to evaluate their security measures in light of the incident. This event highlights the importance of security in the face of growing threats in the crypto industry.

The Bybit hack and subsequent criticism by Binance's CEO highlight the necessity of strict security measures for all participants in the cryptocurrency market.

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