Several independent audits have pinpointed the cause of last week's historic $1.4 billion hack of the Bybit exchange - dubbed the largest cryptocurrency hack in history based on asset value - and it wasn't the crypto exchange's fault.
Two leading cybersecurity firms, Verichains and Sygnia Labs, have determined that North Korean hackers managed to pull off the largest hack in history by injecting malicious code into the infrastructure of Safe, a #cryptocurrency wallet provider used by Bybit and long advertised as impenetrable.
According to reports from both security companies, North Korean hackers injected malicious JavaScript code directly into Safe's online infrastructure, which was hosted on Amazon Web Services. It is still unclear how the hackers infiltrated Safe.
presumably the code was specifically designed to avoid detection. When Bybit did interact with Safe, the code was triggered two days later, and the cryptocurrency exchange 1.4 billion in #Ethereum and related tokens were leaked.
just two minutes after the hack, North Korean hackers updated Safe's infrastructure, removed the malicious lines of code and disappeared without a trace, according to a statement
Decrypt, Bybit emphasized that the exchange's infrastructure was not "compromised" by North Korean hackers, according to the initial forensics report.
Bybit, a #centralized exchange in Dubai, has been working to stop hackers who stole $1.4 billion worth of Ethereum and related tokens last week. The exchange wasted no time in stopping them, offering a weekend reward of up to $140 million to anyone who helps track and freeze the funds. On Tuesday, the exchange went a step further and launched a rewards panel and website where users can leave information about stolen funds and track what it considers 'good' and 'bad' participants in the process. 'В...
Bybit was and remains 100% secure,
the company said. The statement added that Bybit withdrew the majority of funds from its secure managed wallet within hours of Friday's attack.
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