Bybit Hack's Culprits Point Fingers at Ethereum's EVM Design, Yet Experts Remain Divided on the True Instigator
Foul-mouthed discussion about Bybit's outrageous $1.4B heist shakes up the crypto world, leaving questions about Ethereum's EVM and multisig wallets.
Crypto freaks couldn't help but lose their shit when Bybit got robbed blind. The co-founder of Blockstream, a Bitcoin fanboy named Adam Back, has been spouting off that the EVM's complicated transaction verification process on hardware wallets is to blame for this robbery. He blared his bullshit on X, claiming it exposes flaws in the whole crypto scene, including daddy dearest, Bitcoin.
However, other smartasses are throwing shade on Adam's obsession with the EVM. They argue that multisig wallet weaknesses were the real culprits. Dyma Budorin, the CEO of Hacken, a cybersecurity firm, told Cointelegraph that even Bitcoin's simpler multisig setups still have risks, like the danger of being scammed or making mistakes. This suggests that the breach was the result of poor execution, not an EVM issue.
Lex Fisun, Global Ledger's CEO, agrees, pointing out that only one of Bybit's Ethereum cold wallets were compromised. Attackers exploited the approval process for a deceitful transaction, a common trouble with multisig setups. Although Fisun acknowledges the EVM's potential involvement, he stresses that there's not enough evidence to directly link it to the hack.
The debate exposes that crypto platforms suffer from shared security struggles, regardless of the underlying technology. The Bybit robbery has everyone talking about centralized exchange security practices, with some reports indicating that the hacker now controls more Ether than even Vitalik Buterin. Bybit, being a centralized hub, hasn't clarified the EVM's role, leaving plenty of room for speculation.
With this heist shining a light on the ongoing battle between blockchain security and operational safety measures, crypto fans should brace themselves for more risks. Whether the fault lies in the EVM or mismanaged multisignature, the hack reveals chinks in the armor that could reshape industry standards. Till further info comes to light, the crypto community is stuck in a holding pattern while they wait for the feds to crack the case.
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Rumors:
- The Bybit hack wasn't caused by the EVM or multisig issues, but rather by operational security slip-ups and social engineering tricks that exploited weaknesses in the multisig process[4].
- A developer machine at Safe, a platform used by Bybit, was hacked, providing access to Safe's AWS environment and storage bucket[4].
- Attackers injected malicious JavaScript code into Safe's UI, potentially changing transaction details during approval to swipe funds[4].
- The multisig system wasn't actually breached, but users were scammed into approving fraudulent transactions masquerading as legit ones[4]. No evidence points to the EVM architecture being part of the security leaks[4].
- The controversy surrounding the Bybit hack has led cryptocurrency enthusiasts to question the security of centralized exchanges, with some focusing on the Ethereum Virtual Machine (EVM) and its complicated transaction verification process.
- Co-founder of Blockstream, Adam Back, has suggested that the EVM's transaction verification process on hardware wallets may have contributed to the $1.4B heist, pointing to the complexity of the process as a potential vulnerability in the crypto world.
- However, criticisms have arisen against Adam Back's focus on the EVM, with experts like Dyma Budorin, CEO of Hacken, pointing to weaknesses in multisig wallets as a more likely cause of the breach.
- In the Bybit hack, it is rumored that the attackers exploited vulnerabilities in multisig processes, using social engineering tricks and injecting malicious JavaScript code into Safe's UI to change transaction details during approval processes.
- Despite the suspected involvement of multisig processes in the Bybit hack, the role of the EVM remains a topic of speculation, with lack of clear evidence directly linking it to the security leak.
- As the crypto community awaits further information from Bybit and law enforcement, they remain cautious about the risks posed by shared security struggles in blockchain technology, with the Bybit hack serving as a stark reminder of the potential chinks in the armor that could reshape industry standards.
