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A major supplier of Ethereum multisig wallets, Safe Wallet, has declared a phased return to full operation. Users can anticipate the restoration of services with enhanced security within the next 24 hours.
Following the catastrophic $1.4 billion Bybit heist, in which hackers used contract logic manipulation and a masked URL to deplete the exchange’s cold wallet, this decision was made. By use of X, Safe verified on February 24 that it will gradually resume operations while putting new security measures in place.
To mitigate future risks, Safe is introducing stricter validation protocols, better monitoring alerts, and additional security checks. While these upgrades may slightly extend transaction times, they aim to prevent similar exploits. The team also urges users to carefully review transaction data before signing.
Although Safe Wallet’s front end remained uncompromised, the platform temporarily disabled certain features, including native Ledger integration. This step was taken as a precaution since the Bybit breach involved a compromised Ledger signing method.
The hack triggered a swift response from major blockchain firms. On Feb. 23, Bybit confirmed that $42.89 million had been frozen. Companies such as Tether, THORChain, ChangeNOW, FixedFloat, Avalanche, CoinEx, Bitget, and Circle have collaborated to track the attacker, blacklist addresses, and freeze stolen funds.
A bounty of 10% of the assets recovered, or $140 million, has also been given by Bybit to security professionals and ethical hackers who help recover the stolen money. In the meantime, on-chain data confirms that the exchange has fully resumed deposit and withdrawal operations.
With improved security and assistance from the entire industry, Safe Wallet hopes to stop such assaults and guarantee a safer user experience in the future.