Changpeng Zhao (CZ), founder of cryptocurrency exchange Binance, has criticized Safe’s handling of the latest security breach in the Bybit hack, condemning the company for using vague language in its statement.
CZ said the statement left “more questions than answers,” particularly regarding how hackers infiltrated the Safe Wallet developer machine and how the developer systems were able to access accounts operated by Bybit.
In the report published by Bybit, it was claimed that the Safe platform, where the assets were stored, was responsible for the hack. Safe, on the other hand, released a statement confirming this but also containing some uncertainties.
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In a post shared on social media, CZ expressed his skepticism about Safe’s response and denied Binance’s claim that Safe was used for asset storage. He outlined a few key concerns:
- Nature of the attack: CZ questioned what Safe meant by “taking over a Safe {Wallet} developer machine” and whether the breach involved social engineering, malware, or some other method.
- Developer access to Bybit accounts: He expressed concerns about how a developer machine was able to interact with an account operated by Bybit and questioned whether unauthorized code was being made available directly.
- Ledger verification bypass: CZ asked how attackers managed to bypass Ledger’s security verification process, and elaborated on whether this involved blind signing or improper verification by signers.
- Target selection: He questioned whether the largest address managed using Safe was $1.4 billion and why the attackers focused on this particular target while potentially ignoring others.
- Industry-wide implications: CZ said lessons should be learned from this incident and urged other self-custody and multi-signature wallet providers to evaluate their security measures.
*This is not investment advice.
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