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- Safe Wallet will restore services in 24 hours with stronger security features to stop future attacks.
- Bybit and blockchain firms froze $42.89 million in stolen funds and offered a $140 million bounty to recover lost assets.
- Safe Wallet paused Ledger integration and upgraded security checks to protect users from similar cyber threats.
Ethereum multisig wallet provider Safe Wallet plans to restore services within 24 hours while introducing new security measures. The decision follows the Bybit hack, which resulted in $1.4 billion in stolen funds through masked URLs and contract logic manipulation targeting the exchange’s cold wallet.
A Feb. 24 update from Safe outlined a phased rollout plan with additional security features. The company is implementing three security enhancements: stricter validation measures, improved monitoring alerts, and enhanced security protocols. These updates aim to prevent future breaches, though they may introduce minor transaction delays. Users should verify transaction data before execution.
Safe Wallet confirmed that its front-end infrastructure remained secure during the attack. However, the company temporarily suspended native Ledger integration and other related features as a precaution. The compromised Ledger signing method used in the Bybit attack prompted Safe to reassess its security framework.
Efforts to Recover Stolen Assets
Major blockchain organizations collaborated to track and freeze stolen assets following the attack. Bybit worked with Tether, THORChain, ChangeNOW, FixedFloat, Avalanche, CoinEx, Bitget, and Circle to identify blacklisted addresses. They successfully froze $42.89 million worth of stolen funds.
Bybit established a 10% bounty worth $140 million to incentivize security experts and ethical hackers who assist in recovering the stolen funds. The exchange reinstated deposit and withdrawal capabilities following confirmation from on-chain data.
Strengthening Crypto Security Measures
The return of Safe Wallet services with enhanced security measures demonstrates why stronger protective measures must exist across the cryptocurrency industry. Safety Wallet continues to push forward with its security improvements while actively working to prevent new security breaches.
The recent emphasis on security demonstrates a sustained industry initiative to stop major breaches and protect users. The evolution of blockchain threats has led organizations to implement stronger protective protocols for digital assets.
