How the Safe Client Led to Bybit's $1.5 Billion Hack

user avatar

by Giorgi Kostiuk

2 years ago

The recent $1.5 billion hack on Bybit revealed important lessons for the crypto world. This article explores how the attackers used the Safe Client to compromise systems.

Preliminary Conclusions About Safe App Compromise

Official reports revealed that a benign JavaScript file in the Safe app was replaced with malicious code on February 19 at 15:29:25 UTC. The attack specifically targeted Bybit’s Ethereum multisig wallet. The compromise occurred via a Safe developer machine, with a leaked account or API key.

The attack was directed at Bybit but could have affected any exchange or entity.None

Safe Official Statement

In its statement, Safe revealed that the attack was conducted by the Lazarus Group and affected a Bybit machine account, though Safe smart contracts remained unaffected. Additional security measures have been implemented to eliminate the attack vector. External security checks did not reveal vulnerabilities in Safe smart contracts or frontend source code.

Lazarus is a state-sponsored North Korean hacker group known for sophisticated social engineering attacks.None

Official FBI Report

The FBI reports that stolen assets were converted into BTC and other cryptocurrencies, likely to be laundered and turned into fiat via numerous addresses on various blockchains. Recommendations included blocking transactions with addresses connected to activity known as TraderTraitor by the FBI.

The attack has revealed numerous vulnerabilities in secure applications within the crypto space. Users and companies must remain vigilant and cautious about their systems’ security.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Criminals Use AI-Powered Tools for Cyber Attacks in India

Criminals are using AI-powered tools to conduct financially motivated cyber attacks against entities in India.

user avatarAisha Farooq

MEXC Enhances Security Measures and Capital Reserves

MEXC enhances its security framework and capital reserves by adding 1,000 BTC to its Futures Insurance Fund, aiming to protect user assets and provide a risk buffer during extreme market conditions.

user avatarTenzin Dorje

MEXC Unveils AI Trading Report with Key Insights from Crypto Traders

MEXC has released an AI Trading Report based on a survey of 3,708 crypto traders, highlighting the use of AI in trading strategies and user preferences for control and risk management.

user avatarBayarjavkhlan Ganbaatar

BingX EU Achieves MiCA License to Expand Crypto Services in Europe

BingX EU MEGE zweite GmbH has obtained a MiCA license from Austria's FMA, allowing it to offer regulated crypto services across 29 EEA countries.

user avatarMohamed Farouk

Zcash Faces 11% Decline Amid Growing Market Concerns

Zcash has experienced an 11% decline in the past 24 hours, raising concerns about market stability and the impact of AI on cryptography.

user avatarElias Mukuru

HTX Strengthens Global Compliance and Showcases at TOKEN2049

HTX has made significant strides in global compliance initiatives while participating in TOKEN2049, a major event in the crypto industry held in Singapore.

user avatarDiego Alvarez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.