Following the recent $1.4 billion Bybit hack, Safe, a smart account infrastructure provider, reported no evidence of a frontend vulnerability being exploited.
Bybit Hack: Event Overview
The breach occurred hours ago at Bybit, a cryptocurrency exchange, where hackers accessed one of their Ethereum (ETH) cold wallets, resulting in the theft of approximately 514,000 ETH, valued at around $1.429 billion.
Safe's Precautionary Measures
Following the incident, Safe temporarily suspended certain functionalities to protect users, despite finding no evidence of a frontend vulnerability.
Response and Next Steps
Bybit has assured users that their funds are secure and that platform operations remain unaffected. The exchange is collaborating with blockchain forensic experts to track stolen assets and prevent further security risks. Both Safe and Bybit emphasized their dedication to user safety and will continue to provide updates as the investigation progresses.
Safe, formerly known as Gnosis Safe, is a smart contract wallet on Ethereum and EVM chains, providing secure asset management with multisig security, role-based access, and automation.
