“Blindly signing is a question, but not an expert in the Prime Minister” in Bibita is said of the Saga of 1.4 m
Aneirin Flinn, co-founder and director of Faipfea, talked to Crypto.News about Bibit’s exploitation, future preventive measures and why Etherem returns was outstanding.
Criptocurrencine prices have been burned after one of the largest cyberheads in financial history, as Lazarus Group North Korea breached Bibit Etherum (El) Cold wallet, stealing more than 400,000 Ethers at the time worth $ 1.4 billion.
Ben Zhou, the CEO of Bibit, was quick to defend the exchange. The community was notified, the leaders of the industry mobilized funds for help and BIB has fulfilled the financial gap within a few days, renewing the withdrawal to normal.
While recovery efforts progressed through a prize program and tracking on the chain, hackers were washed with stolen funds per thousand addresses.
Hack, use or something else?
“This was a sophisticated attack on social engineering,” Crupto Flyn Anveirin Flynn said. Flynn said that hackers used a similar tactic from the capital shining, DMM Bitcoin and Vazirk.
In the case of Bibit, Zhou said that bad actors were cheated by Multi-Sig UI and thus unconsciously signed malicious transactions. Findings of an audit Signia Labs Executed and Verichains have found that Lazarus agents used a compromised approach from a safe wallet developer to deceive multi-sig signals.
These violations have enabled the northern Korean funded with cyberriminal crimes to push through malicious transaction, sowing funds from Cobit Cold Wallet.
Multi-Sig Blind signing
The incident has raised concerns about blind signing, where users approve transactions without fully verification of detail such as destinations.
According to Zhou, he was the last signatory and used Ledger Wallet Hardware to approve the last approval. However, design restrictions prevented the full verification of the transaction, eventually allow hackers to steal the means.
“Yes, blindly signing is a question, but in this case it is not the main suspect,” Flinn said when he asked if he had allowed theft. Instead, the director of FailSafe pointed out large digital clusters for property maintaining the border exchange and protocols in the industry.
Bibit painted a target on his back because he saved billions crypt in one more Sig and Lazarus, he came, he proposed Flynn. The division of assets under more addresses can put a problem, said FailSafe’s boss.
Although higher alienity of employees and a solid transaction security tool decreased the probability of a successful steal, the segregating assets would be the most effective way to reduce the exchange appeal to attackers.
Aneirin Flynn, FAILSOFE CO-FOUNDER AND CEO
Etherum Returns No Solution for Bibit
Maelstrom Cio Arthur Hayes Suggested time Backchain Backeum Blickcain to reserve the Cubita How many time transactions and transition balances on their state state.
Hayes claimed that in 2016. Dao Vi Fok set a precedent to make it happen. Hackers stole 60 million dollars from Etherum Dao, falling into a big kick into Etherum, who was still in their infancy.
He then voted for “improper change in the state” to reduce the crisis. Etherum is divided into two – Etherum Classic, original block for losses from Dao and Ethereum, today’s second largest block.
Short-term discussions based on Hayes’ idea noticed that part of Hack 2016 year, the existential crisis for Etherum at the time was constantly different from $ 1.4 billion, is probably spraying in ethnic pond in the current market.
Flynn said that the rollover back Ethereum would break too many protocols and smart contracts with respect to the size of ethosist. “The door of Etherum is technically possible through hard fork, but now is practically unmanageable due to size, complexity and decentralization of the network.”
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2025-02-27 00:20:00
