The Ethereum multi-sig wallet provider Safe Wallet plans to resume its services in 24 hours while introducing new security measures to stop future attacks.
The restoration of services by Safe Wallet comes after the Bybit hack that resulted in $1.4 billion worth of stolen funds through masked URLs and contract logic manipulation targeting the exchange’s cold wallet.
The Feb. 24 X post from Safe outlined a step-by-step deployment plan along with extra security protocols. The company implements three security enhancements through improved protocols, enhanced monitoring alerts, and stricter validation checks.
Users should verify their transaction data before execution even though the performance updates cause minor delays according to team members. The front end of Safe remained protected while the company decided to suspend native Ledger integration along with other features as an added security measure.
A compromised Ledger signing method during the Bybit attack forced Safe to examine its security measures. Multiple major blockchain organizations united to trace and freeze assets that were stolen after the hack occurred.
The cryptocurrency exchange Bybit worked together with Tether and other companies including THORChain, ChangeNOW, FixedFloat, Avalanche, CoinEx, Bitget, and Circle to freeze $42.89 million in stolen funds.
The participating entities tracked down blacklisted addresses before they helped return stolen funds. Bybit established a 10% bounty worth $140 million to motivate security experts and ethical hackers who successfully retrieve the stolen funds.
The exchange has reinstated full deposit and withdrawal capabilities following a restoration of operations which is confirmed through on-chain data.
Also Read: Bybit Buys $1.25B in ETH Tokens to Recover from $1.4B Hack
