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Bit News HQ

Safe Wallet to Resume Services in 24 Hours with Enhanced Security After ByBit Hack

Bitnewshq Staff by Bitnewshq Staff
February 27, 2025
in Market News
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Safe Wallet to Resume Services
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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.

Phased rollout within the next 24 hours

The Safe{Wallet} team is working diligently to restore services and will begin a phased rollout within the next 24 hours. The restored Safe{Wallet} includes an additional layer of security measures:

• Additional validations for…

— Safe.eth (@safe) February 23, 2025

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.

A coordinated effort led to the freezing of $42.89M in just one day. Thanks to the following teams for their swift action: @Tether_to: Flagged address and froze 181K USDT @THORChain: Blocked the blacklist @ChangeNOW_io: Froze 34 ETH @FixedFloat: Froze 120K USDC + USDT…

— Bybit (@Bybit_Official) February 23, 2025

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!

Bitnewshq Staff

Bitnewshq Staff

At BitNewsHQ, we’re a team of passionate writers and crypto enthusiasts who live and breathe blockchain and digital assets. Our goal is to bring you accurate, up-to-date news and insights without any bias—just the facts. This article was crafted with care by our dedicated team to keep you informed and ahead in the world of crypto.

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