Risky Business Risky Business #781 -- How Bybit oopsied $1.4bn
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Feb 26, 2025 This week, a staggering $1.4 billion was stolen from the Bybit cryptocurrency exchange, sparking a deep dive into the security flaws that allowed it to happen. North Korea's sophisticated hacking methods are discussed, alongside the dangers inherent in routine cryptocurrency transfers. The podcast also tackles encryption debates, government surveillance, and the challenges companies like Meta face with account management and automation. There’s a look at advanced techniques used by hackers targeting Cisco devices and vulnerabilities within Windows security solutions.
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Bybit Heist
- Bybit lost $1.4 billion, the largest crypto theft ever, due to a compromised multi-signature process.
- Attackers tricked employees into approving a malicious transaction on their hardware wallets.
Hardware Wallet Security
- Do not blindly approve transactions on hardware wallets, even with multi-signature setups.
- Scrutinize every detail on your hardware wallet's screen, as it's the most trustworthy source.
Dedicated Device for Crypto
- Use a dedicated, single-purpose device like an iPad for cryptocurrency transactions.
- Minimize attack surface by avoiding general-purpose devices for high-value transactions.