Safe wallet pauses certain functionalities after Bybit hack

Ethereum Multisig Wallet SAFE announced that it temporarily interrupts certain features while the piracy post-mortem of $ 1.4 billion on February 21 begins.

Safe said in an update that the portfolio security team had found any evidence that hacking was the result of a Frontnd feat. However, the judgment is out of caution.

“We did not find any evidence that the official security front has been compromised. However, out of caution, the safe {Wallet} temporarily stops at certain features ”, the platform Posted on X.

Ethereum (Ethn)) The Multisig portfolio supplier also collaborated with the Bybit team on the current survey.

What happened?

Friday February 21, 2025, The Crypto Exchange bybit suffered a major hack. The Multisig Cold Portfolio for ETH exchange has been drained by more than $ 1.4 billion of token.

A pirate used a “masked” URL to deceive the signatories, with that indicated as the good of the safe. The modification of the contractual logic allowed the pirate to take control of the Cold de Bybit portfolio, draining it.

The trick worked and the pirate moved everything ETH in the portfolio to a new address. They have since initiated transfers to other portfolio addresses.

Biggest crypto hack?

The result is what could be one of the most devastating robberies in the crypto world. In the past, the industry has raised hacks impacting MT. Gox, Coincheck and FTX. The hacking of $ 230 million in Wazirx in July 2024 also struck crypto holders in India.

The CEO of Bybit, Ben Zhou, noted in a post on X that the exchange has remained solvent and that he can cover the losses.

He also said that withdrawals remained on, probably a decision intended to ensure the community. While the players in the industry, including the founder of Binance and former CEO, Changpeng Zhao, have promised support if necessary, part of the advice to exchange is that the withdrawal break can be an option.

“Not an easy to manage situation. Could suggest stopping all withdrawals a little as a standard security precaution. Will provide assistance if necessary. Good luck! “Cz note.