Safe Wallet has announced the restoration of its services with enhanced security measures following the recent Bybit hack.
Safe Wallet Security Updates
Safe Wallet has introduced additional security measures, including stricter validation and improved monitoring alerts. These updates aim to prevent similar exploits in the future, albeit possibly resulting in longer transaction processing times. The Safe Wallet team urges users to carefully review transaction data before signing.
Crypto Industry's Response to Bybit Hack
Following the attack that led to significant funds being stolen from Bybit, major blockchain players have teamed up to respond. As a result, $42.89 million in assets have been frozen, thanks to the coordination of participants such as Tether, THORChain, ChangeNOW, and others that timely blocked and froze blacklisted assets.
Bounty for Recovery of Stolen Assets
Bybit has announced a bounty of 10% of recovered assets, or $140 million, for security professionals and ethical hackers who assist in recovering the stolen funds. The exchange has confirmed that deposits and withdrawals are now fully operational, as verified by on-chain data.
Safe Wallet and other representatives of the crypto industry are taking active measures to enhance security and reduce risks associated with cyber attacks on cryptocurrency platforms.
