Solana Multisig Provider Initiates Review Following Safe Wallet Exploit

Bybit CEO Ben Zhou reported that a $1.4 billion hack was caused by malicious code from Safe{Wallet}’s infrastructure. The exploitation involved tricking Bybit into signing a harmful transaction, while Safe's smart contracts functioned correctly. Key points include:

• Safe’s smart accounts secure over $100 billion in digital assets.
• Hackers could potentially target other platforms beyond Bybit.
• Squads wallet, used by several Solana teams, is reviewing its infrastructure to prevent similar attacks.
• Concerns raised about high-value accounts needing dedicated wallet solutions due to frontend vulnerabilities.
• The FBI has linked the hackers to North Korea, who used malicious code to alter transactions and reroute funds.
• Experts note a lack of focus on conventional infrastructure audits, such as AWS credentials.
• Cube Exchange adopted multi-party computation for wallet security to avoid “blind signing,” which contributed to the Bybit breach.
• Squads plans to develop a decentralized frontend to minimize reliance on centralized infrastructure.