The Breakdown Security After the Bybit Hack with Ledger CTO Charles Guillemet
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Feb 27, 2025 In this discussion, Charles Guillemet, the CTO of Ledger, delves into the staggering $1.4 billion Bybit hack by the Lazarus Group, highlighting the urgent need for improved security protocols in crypto. He outlines the vulnerabilities in enterprise wallet systems, emphasizing the risks of human error. Guillemet also advocates for the shift to hardware wallets for better safeguarding of assets and stresses the importance of multi-authorization wallets. The conversation reveals how exchanges must elevate their security measures to protect against evolving threats.
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Bybit Hack
- North Korean hackers stole over $1.4 billion from Bybit's cold wallet.
- Bybit CEO Ben Zhao assured users that Bybit was solvent and could cover the loss.
Attack Vector
- The hackers tricked Bybit into signing a malicious transaction.
- This attack mirrors the Radiant and WazirX breaches.
Enterprise Wallet Security
- Implement multi-authorization wallets, hardware security modules, and governance frameworks.
- Prioritize clear signing practices so authorizers understand transactions.