Safe Wallet’s New Security Features: Will They Save Us from the Next Hack? 🤔

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So, here we are, folks! Safe Wallet, the Ethereum multisignature wallet that’s been on a bit of a rollercoaster ride since the Bybit Hack, has decided to sprinkle some extra security fairy dust on its platform. 🌟 This morning, they announced that they’re adding a shiny new layer of security measures, because, you know, who doesn’t love a good security upgrade after a $1.5 billion hack? Talk about a wake-up call!

Raising doubts on Safe’s Infra following Bybit Hack

Now, let’s get real. Since Bybit’s Ethereum cold wallet was supposedly secured by Safe Wallet’s multisignature technology, the cracks in their infrastructure are starting to show. Users and crypto bigwigs are scratching their heads, wondering if Safe Wallet is really as safe as it claims. 🤨

Picture this: hackers, in a routine transfer from Bybit’s cold wallet to a warm wallet, decided to play a little game of “let’s manipulate the signing process.” Spoiler alert: they won. They used a masked URL that looked as legit as your Aunt Mabel’s famous fruitcake to transfer assets into an unknown address. Yikes!

After the dust settled, questions started flying about the vulnerabilities in Safe Wallet’s infrastructure, and even Bybit’s founder, Ben Zhou, couldn’t help but raise an eyebrow. 🙄

Despite Safe Wallet’s claims that their front end was as secure as Fort Knox, they hit the pause button on some functionalities on February 21 to conduct a thorough investigation. As it stands, Safe Wallet is guarding over $100 billion in digital assets with its multisig security, which requires multiple approvals before transactions can be executed. Because, you know, better safe than sorry!

What are the enhanced security measures?

In a bid to win back our trust (and maybe our hearts?), Safe Wallet has rolled out some enhanced security features that sound fancy and reassuring:

  • Stricter checks for transaction hashes, data, and signatures to ensure authenticity and integrity. Because who doesn’t love a good double-check? 🔍
  • Temporarily removing native Ledger integration, since that was the signing device used in the Bybit attack. Bye-bye, Ledger! 👋
  • Customizable multisignature (multisig) thresholds, allowing users to require multiple approvals for transactions. Perfect for those who love a good committee meeting! 🗳️
  • An AI-driven monitoring system that scans for suspicious activities in real-time. Instant alerts for unusual transactions? Yes, please! 🚨

Phased rollout within the next 24 hours

The Safe{Wallet} team is working diligently to restore services and will begin a phased rollout within the next 24 hours. The restored Safe{Wallet} includes an additional layer of security measures:

• Additional validations for…

— Safe.eth (@safe) February 23, 2025

Now, let’s be honest. These enhanced features might mean that users will have to wait a little longer to execute transactions. But hey, good things come to those who wait, right? Just remember to double-check that you’re signing the right transaction data before hitting that execute button. 🙈

With these new features set to roll out, Safe Wallet and its crypto pals, including Bybit and other exchanges, are on a mission to create a robust and secure Web3 infrastructure. Fingers crossed! 🤞

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2025-02-24 18:37