Ethereum multi signature wallet provider Safe Wallet has announced that it will start its services up again in the next 24 hours. The decision follows the ByBit hack, where hackers got $1.4 billion by tricking the system and even using fake website links.
Safe Wallet is adding stronger security features in order to prevent similar attacks in the future. This could result in less security checks, fewer better alerts, and harder requirements before transactions go through. The company warns users to carefully verify transaction information before signing it. Small delays may hamper some updates, though they will be important to maintain the safety of funds.
However, the hack did not involve Safe Wallet’s front end which was not affected, and the company is being extra safe. As a security measure, it has temporarily removed integration with Ledger wallet because the ByBit attack utilized the Ledger signing method.
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Several major companies in the blockchain, including Tether, THORChain, ChangeNOW, FixedFloat, and Circle worked together after the hack to track and froze the stolen funds. ByBit confirmed that $42.89 million has been blocked so far. The exchange is additionally giving a 10 percent reward, worth $140 million, to different specialists of information security who can assist with recovering the stolen money.
Now, ByBit has restored the deposit and withdrawal, and on chain data shows the order book is back to normal. These new security measures allow Safe Wallet to guard against future threats and complete safe transactions.
Also read: Bybit CEO Ben Zhou Slams Pi Network as a Scam, Refuses to List Token!
