February’s hacking against Bybit has sent undulations to industry after $ 1.4 billion in ether chips were stolen from centralized exchange, apparently by the North Korean Lazarus hacking group, in what was the most expensive cryptographic flight of all time.
Piracy benefits have let many people wonder what’s wrong, if their own funds are safe and what should be done to prevent such an event from happening again.
According to the Blockchain Safety Company, Certik, massive robbery represented approximately 92% of all losses for February, which experienced an increase of almost 1,500% of the total crypto in January as a result of the incident.
In episode 57 of Contelegraph The agenda Podcast, the hosts Jonathan Deyoung and Ray Salmond speak with the Director of Certik, Jason Jiang, to decompose the way in which Bybt hack has happened, the exploits of the feat, what users and exchanges can do to keep their crypto safe, and even more.
Are crypto portfolios always sure after bybit’s hacking?
In simple terms, the Lazarus group was able to withdraw mass piracy against Bybit, because it managed to compromise the aircraft of the three signatories who controlled the Bybit of Safewallet several times, according to Jiang. The group then informed them to sign a malicious transaction which, according to them, was legitimate.
Does this mean that Safewallet can no longer trust? Well, it’s not that simple, Jiang said. “It is possible that when the computer of the safe developer was hacked, more information has been disclosed from this computer. But I think that for individuals, the probability that this happens is rather low.”
He said there were several things that the average user can do to considerably increase their cryptography safety, including storage of assets on cold wallets and knowledge of potential phishing attacks on social networks.
Source: Certification
When asked if Hodlers could see their material portfolios of large book or Trezor exploited in the same way, Jiang again declared that it was not a great risk for the average user – as long as they make their reasonable diligence and transacte carefully.
“One of the reasons why it happened was that the signatories were like a blind-send sense of the order, simply because their device did not show the full address,” he said, adding: “Make sure that the address you send is what you intend, and you want to double and triple check, especially for larger transactions.”
“I think that after this incident, it will probably be one of the things that industry will try to correct itself, to make the signature more transparent and easier to recognize. There are so many other lessons learned, but it is certainly one of them. ”
How to prevent the next exchange of trading of several billion dollars
Jiang highlighted a lack of regulations and complete guarantees as a potential element contributing to the ongoing rebates of the hack, which fueled the debates on the limits of decentralization after several validators of the Thorchain cross -bridge refused to make the back or block the efforts of the Lazarus group to use the protocol to convert its funds to Bitcoin (BTC).
“Welcome to the Wild West,” said Jiang. “This is where we are right now.”
“In our opinion, we believe that the crypto, if it wants to be flourishing, it must embrace the rules,” he said. “To facilitate the adoption by the mass general here, we must kiss the regulations, and we must find ways to make this space safer.”
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Jiang congratulated the CEO of Bybit, Ben Zhou, on his response to the incident, but also pointed out that the Boug Bounty exchange program before hacking had a reward of only $ 4,000. He said that even if most people in cybersecurity are not motivated by money alone, having larger bug bonuses can potentially help exchanges remaining safe.
When asked for the means of exchange and protocols can motivate and keep high level talents to help protect their systems, Jiang suggested that security engineers do not always get the credit they deserve.
“Many people say that the first degree talent goes to developers because this is where they will be the most rewarding,” he said. “But it is also a question of giving us enough attention to security engineers. They have a huge responsibility.”
“Cut them and try to give them more credit. Whether monetary or it is recognition, give them what we can afford and make it reasonable.”
To learn more about Jiang’s conversation with The agenda – including how Certik performs audits, how quantum computer science and AI will have an impact Apple podcasts Or Spotify. And don’t forget to consult the full range of Cointelegraph of other shows!
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This article is for general information purposes and is not intended to be and must not be considered as legal or investment advice. The points of view, the thoughts and opinions expressed here are the only of the author and do not reflect or do not necessarily represent the opinions and opinions of Cointellegraph.
