A devastating $1.4 billion hack of the Bybit cryptocurrency exchange has been traced back to vulnerabilities in the Safe Wallet, a crucial component used by the platform for managing assets. The attack involved malicious injected JavaScript code, which altered transaction details during signing, diverting funds from the exchange’s cold wallet to an unknown address controlled by the attackers. 🧠 💻 The perpetrators, believed to be the notorious Lazarus Group with ties to North Korea, exploited this vulnerability to bypass Bybit’s security systems. 🕵️♂️. 💣 The attack exposed a significant weakness in the Safe Wallet infrastructure, resulting in a cascading effect that led to the largest hack in crypto history. 🔥 💰 🔍 Bybit CEO Ben Zhou’s investigation report revealed that the vulnerabilities stemmed from the Safe Wallet system, not the exchange’s own security protocols, and shed light on how attackers manipulated transactions to drain Bybit’s cold wallet. This vulnerability highlights the importance of secure infrastructure for cryptocurrency exchanges. 🛡️ 🔒. 🤝. ⚠️ Following this incident, Safe Wallet underwent a comprehensive audit, restructured its infrastructure, and implemented stricter security measures. Bybit also acted quickly by maintaining platform stability, securing loans to cover withdrawals, and initiating repayment processes for those impacted. The attack’s impact on the market was immediate and significant, with the SAFE token price falling nearly 10%. 🔥 Binance founder CZ criticized Safe Wallet for unclear communication regarding the incident, sparking a debate about their handling of the situation. 🤔 In conclusion, this event serves as a stark reminder of the vulnerabilities that can emerge within the crypto ecosystem and the need for robust security protocols to protect user funds and maintain trust. 🔎