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Ah, the Bybit hack. A tale as old as time—or at least as old as crypto. Picture this: $1.4 billion in Ether-related tokens, swiped by the North Korean hacking collective Lazarus Group. It’s like a Bond villain plot, but with fewer martinis and more blockchain. 🕵️♂️💻
The fallout? Oh, darling, it’s been a veritable soap opera. Everyone’s clutching their pearls, wondering if their digital treasure is safe. Fear not, for CertiK’s Jason Jiang has swooped in to save the day—or at least to explain how the day was lost.
According to CertiK, this heist accounted for a whopping 92% of February’s crypto losses. That’s a 1,500% increase from January. Bravo, Lazarus Group. You’ve outdone yourselves. 👏
On Episode 57 of Contelegraph’s The Agenda podcast, hosts Jonathan DeYoung and Ray Salmond chatted with Jiang about the hack, the fallout, and how to keep your crypto from vanishing into the ether (pun intended).
So, are crypto wallets still safe? Well, it’s complicated. Lazarus Group managed to compromise the devices of all three signers controlling Bybit’s multisignature SafeWallet. They tricked them into signing a malicious transaction. Clever, really. But Jiang assures us that for the average Joe, the risk is low. Just store your assets on cold wallets and don’t fall for phishing scams. Easy peasy. 🐟
When asked if hardware wallets like Ledger or Trezor could be exploited, Jiang said it’s unlikely—as long as you’re careful. Double-check those addresses, darling. Triple-check if you must. Better safe than sorry. 🧐
“I think after this incident, this is probably going to be one of the things the industry will try to correct itself, to make the signing more transparent and easier to recognize. There are so many other lessons being learned, but this is certainly one of them.”
How to prevent the next multibillion-dollar hack? Jiang points to the lack of regulations. “Welcome to the Wild West,” he said. Indeed. 🤠 He argues that crypto needs to embrace regulation to flourish. Hug it, darling. Hug it tight.
Jiang also commended Bybit’s CEO for his response but noted that the exchange’s bug bounty program had a measly $4,000 reward. Chump change, really. Larger bounties could help keep exchanges secure. Money talks, after all. 💰
When it comes to retaining top-tier security talent, Jiang suggests giving them more credit—monetary or otherwise. “Cut them some slack,” he said. Wise words. Security engineers carry a huge responsibility. Let’s not forget that. 🛡️
“Cut them some slack and try to give them more credit. Whether it’s monetary or whether it’s recognition, give them what we can afford, and make it reasonable.”
For more insights from Jiang—including how CertiK conducts audits and the impact of quantum computing and AI on cybersecurity—tune into the full episode on CryptoMoon’s Podcasts page, Apple Podcasts, or Spotify. And do check out CryptoMoon’s other shows. They’re simply divine. 🎙️✨
Disclaimer: This article is for general information purposes and is not intended to be legal or investment advice. The views expressed here are the author’s alone and do not necessarily reflect those of CryptoMoon.
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2025-03-19 17:50