Safe Wallet Announces Gradual Service Restoration

Ethereum multisig wallet provider Safe Wallet has announced that it will gradually restore its services with improved security features within the next 24 hours.

This announcement follows the $1.4 billion Bybit hack, which exploited a masked URL and contract logic manipulation that drained the cold wallet of the exchange. On a February 24 X post, Safe confirmed that it will resume a phased rollout while implementing additional security measures.

To enhance its security features, Safe is introducing:
– Stricter validation measures
– Enhanced monitoring warnings
– More security checks

These updates aim to prevent similar exploits in the future, albeit with potentially longer transaction times. Users have been advised to carefully review transaction data before signing.

> Phased rollout within the next 24 hours
> The Safe{Wallet} team is diligently working 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

Safe had previously confirmed that while its front end was not compromised, it is taking extra precautions. The wallet has temporarily paused certain functionalities, including native Ledger integration, due to the compromised signing method used in the Bybit attack, which involved a Ledger device.

In response to the hack, prominent blockchain entities have collaborated to tackle the attack. Bybit revealed on February 23 that $42.89 million has been frozen. Tether, THORChain, ChangeNOW, FixedFloat, Avalanche, CoinEx, Bitget, and Circle all played roles in identifying and blocking blacklisted addresses, freezing stolen assets, and assisting in tracking the attacker’s movements.

> 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

Bybit is offering a 10% bounty of the recovered assets, or $140 million, to security professionals and ethical hackers who assist in recovering the stolen coins. The exchange has also confirmed that deposits and withdrawals are now fully operational, as verified by on-chain data.