Early reports point to a third-party vulnerability as Bybit tries to find the remote and immediate causes of its security breach. While the interim investigation has absolved the exchange of blame, experts say the hack may be mitigated with watertight guardrails.
Safe Wallet Vulnerability Triggered Bybit Hack
As Bybit reels from its jarring $1.5 billion hack, the company enlisted Web 3 security outfit Verichains and Sygnia Labs to investigate the breach. Company CEO Ben Zhou took to X to share the results of the interim investigation report, pointing to Safe Wallet as the source of the Bybit hack.
Per the document, the root cause of the Bybit hack from malicious code in the wallet’s infrastructure. Bad actors replaced the original JavaScript file of the app.safe.global with compromised code to target Bybit’s Ethereum Multisig Cold Wallet.
Preliminary investigations say the attack on the top exchange was scheduled to hit during the next Bybit transaction. Both Verichains and Sygnia
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