Multi and cold wallets are no longer unassailable
Crypto
Bybit-hack shakes the crypto world
Check Point Software Technologies Ltd. (NASDAQ: CHKP), worldwide leaders in the area of cyber security, analyzed the spectacular theft at Bybit .
Hackers used highly developed manipulation techniques to deceive user interfaces to falsify and falsify transactions. Instead of penetrating directly into smart contracts, they rely on social engineering to manipulate multi -ig signer. Through targeted attacks on Bybit employees with signing authorizations and fake interfaces, the criminal to authorize fraudulent transactions.
Important knowledge
- One of the biggest crypto thefts in history: Hackers gained access to an offline thereum wallet and stolen digital assets worth $ 1.5 billion, mainly Ethereum token.
- The attack on Bybit marks a new level of cybercrime: the attackers combined protocol exploits with social engineering to compromise an institutional multi -ig-wallet.
- As early as July 2024, the Blockchain Threat Intelligence System of Check Point recognized suspicious patterns in which attackers abused legitimate transactions by manipulating the Exectransaction function of the Safe protocol.
Cyber-criminals used sophisticated social engineering methods and UI manipulation to comprise institutional multi-size wallet-Check Point Research warns: This incident marks a new era of crypto attacks that specifically use human weaknesses. Companies have to rethink – classic protective measures are no longer sufficient
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The incident shows that multi -size cold wallets are not safe if signatories can be deceived or compromised. Attacks on the supply chain and user interface are increasing to sophistication. On February 21, 2025, the Check Point Blockchain Threat Intel System warned of a critical attack on the Ethereum network.
The hack at Bybit represents a turning point in the crypto security landscape. It shows that:
- Multisigs are not infallible if signatories are manipulated.
- Cold wallets are not automatically safe because attackers can falsify the user interface.
- Attacks on the value chain and UI manipulations are becoming increasingly sophisticated.
Protective measures for companies and users
Security researchers recommend that you prepare yourself against such attacks with the following measures:
- Extended security strategies: Companies should combine traditional protective mechanisms such as Endpoint Threat Protection and email security solutions to prevent targeted painting attacks.
- Real-time transaction test: A new security strategy is required in which every transaction is analyzed in real time on manipulation like a network package.
- Implement Zero-Trust principle: Each device with signing authorizations should be considered potentially compromising and transactions via independent channels should be verified. Oded vanunu, Head of Products Vulnerability Research at Check Point, emphasizes: “We already pointed out this attack technology in July 2024. The Bybit hack shows that even cold wallets can no longer be considered safe. In order to prevent such attacks, all transaction processes must be secured by multi-stage security mechanisms.”
Conclusion
The attack on Bybit has fundamentally shaken the assumptions for the security of crypto currencies. In addition to technical measures, human failure remains one of the largest weaknesses. The crypto industry therefore urgently needs to develop new security standards that are not only based on cryptographic security, but also effectively prevent social engineering and UI manipulations.
