web3 with a16z crypto Inside the Biggest Heist
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Mar 8, 2025 Matt Gleason, a security expert at a16z crypto, discusses the monumental $1.5 billion ByBit hack, implicating a North Korean state-sponsored group. He delves into the technical vulnerabilities that allowed this heist, including flaws in signature processes. The podcast also highlights the increasing threat of impersonation scams and the importance of personal risk management. Furthermore, Gleason emphasizes the challenges of laundering massive amounts in cryptocurrency and the evolving landscape of cybersecurity, advocating for stronger defense measures against sophisticated attacks.
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Biggest Heist Ever?
- Bybit, a crypto exchange, suffered a $1.5 billion hack, potentially the biggest heist ever, surpassing even Saddam Hussein's seizure of assets.
- This raises questions about the definition of a "heist" versus government appropriation.
How the Hack Happened
- The Bybit hackers gained control by having the exchange's multisig signers unknowingly sign a transaction.
- This transaction upgraded the multisig to attacker-controlled code, enabling them to drain the funds.
Hardware Wallet Security
- Hardware wallets are generally safer, but their security is not absolute, especially for large sums.
- Verify transaction hashes with auxiliary programs or graphical wallets to avoid unknowingly signing malicious transactions.