A secure wallet pauses certain features after a bibit hack

Ethereum Multisig Wallet Safe has announced it is temporarily halting certain functions as it begins after the deaths after the $1.4 billion Bibit Hack on February 21.

Safe said in the update it had not found evidence that the wallet’s security team was the result of the front-end exploit. However, stopping is off the wealth of attention.

“We found no evidence that the official safe frontend has been compromised. However, with caution, SAFE {wallet} is temporarily suspending certain features,” the platform posted on X.

The Ethereum (Eth) Multisig wallet provider was also working with the Bybit team in their deployment investigation.

what happened?

On Friday, February 21st, 2025, Crypto Exchange Bybit suffered a big hack. ETHER exchange multi-signal cold wallets have been discharged over $1.4 billion in tokens.

The hackers deceived the signer using a “masked” URL, which appears as correct in the SAFE. By modifying the contract logic, hackers were able to control and consume the Bibit ETH cold wallet.

The trick worked and the hacker moved all ETHs in the wallet to the new address. They have since started transferring to other wallet addresses.

read more: Bybit’s ETH cold wallet was misused for $146 million

The biggest hack in cipher?

As a result, it could become one of the most devastating robbers in the crypto world. In the past, the industry has expanded from hacking that has impacted Mount Gox, Coincheck and FTX. The $230 million hack of Wazirx in July 2024 also hit Indian Crypto owners with a fierce hit.

Bibit CEO Ben Zhou said in X’s post that the exchange remains a solvent and could cover the losses.

He also said the withdrawal remains, but it was probably a move intended to assure the community. Industry players, including Binance founder and former CEO Changpeng Zhao, have pledged support when necessary, but some of the advice to exchanges may be that suspending withdrawal may be an option That there is.

“It’s not an easy situation to deal with. As a standard security precaution, it may suggest that we will stop all withdrawals a bit. We will provide assistance if necessary. Good luck!” CZ pointed out.

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