Cobo, a leading digital assets custody and wallet technology provider, has announced the launch of its Safe {Wallet} co-signing service. This new service allows users to independently analyze and manage the risk of secure multi-signature transactions within custody addresses, thereby enhancing transaction security.
Cobo’s Secure Wallet Co-Signing Service for Risk Control
The development follows Bybit’s recent hacking incident, resulting in a $1.4 billion loss related to Safe’s infrastructure vulnerability.
The Safe {Wallet} solution integrates Cobo’s address MPC or Web3 wallet for signing participation. As an independent third party, Cobo employs separate signature solutions to avoid the single point risk associated with relying on common infrastructure between signers. Additionally, Cobo’s advanced risk control system detects potential failures for each transaction and prevents unexpected behavior in real time.
In light of the Bybit Hack, Safe {Wallet} recently released a forensic report that elicited skepticism from former Binance CEO Changpeng “CZ” Zhao.
Safe’s report shared that hackers target Safe Developer’s Machine and lead to malicious transactions in which Bybit’s wallets are discharged. The report also notified that no security flaws have been found in Safe’s smart contract or front-end.
but, CZ raised several unresolved questions about the case, including: 2.How a developer machine has access to the accounts being operated by BYBIT, and whether the code was deployed from that machine into production. 3. How an attacker bypassed the ledger verification step with multiple signers (probably through blind signatures or inappropriate verification).
I usually try not to criticise players in other industries, but I do that from time to time. 😂
This update from Safe is not that great. Use vague language to hone your problems. There are more questions than the answers I have after reading.
1. “Compromising safety… https://t.co/vxywhyzqxb
– CZ🔶BNB (@CZ_BINANCE) February 26, 2025
Zhao also asked, “Can other ‘independent, multi-sig’ wallet providers and users learn from this? ”
Also Read: BYBIT CEO: BYBIT Completely compensates for the ETH shortage
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