Ethereum multicing wallet Safe has announced that it is temporarily preventing some functionalities as the post -mortem of $ 1.4 billion bibet hack starts on 21 February.
Safe said in an update that the wallet’s security team had no evidence of hack, which is the result of the front exploitation. However, the stop is out of abundance of caution.
“We have not found evidence that the official safe front was compromised. However, carefully, safe {wallet} temporarily stopping certain functionalities, ”platform Posted on X,
Ethereum (Eth) Multicing Wallet Provider was also collaborating with the BYBIT team on the unfolding investigation.
What happened?
On Friday 21 February 2025, the Crypto Exchange Bibit faced a major hack. For EthH, the multicing cold wallet of the exchange had a token of over $ 1.4 billion.
A hacker used a “masked” URL to cheat the signators, shown as safe from safe. Changing the contract logic allowed the hacker to control the ETH cold wallet of the bibit, dried.
Chal worked and the hacker transferred all ETHs to a new address in the wallet. He has since started transferring on the address of another wallet.
The biggest hack in Crypto?
The result is that Crypto can be one of the most destructive successors in the world. In the past, the industry has heated with hacks affecting Mount Gox, Coinchec and FTX. In July 2024, Wazirx’s $ 230 million hack also hit the crypto holders in India.
Bybit CEO Ben Zhou mentioned in a post on X that the exchange remained solvent and it could cover the loss.
He also said that the withdrawal remains, possibly a step to assure the community. While the players of the industry, including the founder and former CEO Changpeng Jhao, the founder and former CEO, have promised support if necessary, the part of the advice to the exchange is that stopping return may be an option.
“There is not an easy situation to deal with it. A standard safety may suggest a little withdrawal of all evacuation as a precaution. Will provide help if needed. You get success! “CZ noted,
