Bybit The gigantic hack attack on the stock market revealed the security vulnerabilities of the platform. HACKERS 1.5 billion dollars Ethereum $2,805.10‘u (ETH) stole from the platform. Analyst David Leung‘s statements revealed how the attack took place and what mistakes Bybit made.
How did Bybit Hack happen?
Bybit HackIt took place with a method known as “blind signing .. This method allows users to confirm the transactions without seeing all the details. Accordingly, Hackers provided access to the cold wallet of Bybit’s ETHs and transferred the funds to a single account. Later, he spread the assets to many wallets and lost their traces.
The attack used two different smart contracts with trojan and rear door. A ERC-20 transfer was made to deceive Bybit’s multiple signature wallets. However, there was a hidden “Delegate Call .. This call has changed the articles of association of the wallet and caused hackers to provide full control.
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Then the hackers Eth, Meth, Steth And cmeth He quickly transferred his assets to other wallets. Bybit was able to notice the situation after the transaction took place, and in the meantime became a billion dollar loss.
Did Bybit ignore the security gaps?
Experts think that Bybit can prevent the hack attack. According to Analyst Leung, with the following measures hack attack could be blocked:
- Out -of -list contract warning: Bybit should have noticed that the transfer was made to a contract that does not comply with the ERC-20 standards.
- Delegate Call Control Mechanism: Most crypto currency exchange have security measures that prevent the change of this method. It was understood that this mechanism was not in Bybit.
- Independent security verification: Additional checks could be done before and after signature.
Bybit, after the hack attack to trace hackers to trace 50 thousand arcs of coin worth a prize. However, since the regulations related to crypto currency are insufficient in international law, experts say that it seems very difficult to reclaim the funds.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and perform their operations in line with their own research.
