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

user avatar

by Giorgi Kostiuk

a year 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 Cache 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, caches will be stored in your inventory and can be opened with Keys.

Other news

Analysts Remain Bullish on SpaceX Stock Despite Recent Challenges

chest

Despite recent challenges, analysts maintain a bullish outlook on SpaceX stock, citing its unique positioning in the market.

user avatarDavid Robinson

SpaceX Stock Faces Volatility Amid Lockup Expirations

chest

SpaceX stock has experienced significant fluctuations due to recent lockup expirations, with investors questioning its future performance.

user avatarAndrew Smith

Meta's Valuation Advantage Over SpaceX

chest

Despite SpaceX's rapid growth, Meta has a more favorable stock valuation, trading at about 66 times sales compared to SpaceX's 45 times sales.

user avatarZainab Kamara

SpaceX Outpaces Meta in Revenue Growth

chest

SpaceX's revenue grew by 92% year-over-year, while Meta's revenue increased by 28%. SpaceX's growth is driven by demand for AI and connectivity, whereas Meta's growth is slower but consistent.

user avatarJacob Williams

SpaceX and Meta Compete for $2 Trillion Valuation

chest

SpaceX and Meta are competing for a $2 trillion market valuation, with SpaceX having briefly reached this mark in June.

user avatarSon Min-ho

SanDisk's Impressive Stock Performance Post Spin-off

chest

SanDisk has experienced a remarkable stock increase of almost 3,900% since its spin-off from Western Digital, driven by high demand for NAND flash memory, with analysts suggesting over 50% upside from current levels.

user avatarAyman Ben Youssef

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.