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Listen "We Dive Into: ByBit Hack - Crypto Community Reactions and Security Solutions"
Episode Synopsis
A major hack of the ByBit exchange, resulting in $1.5 billion being stolen, has sent ripples through the cryptocurrency community. Binance co-founder Changpeng Zhao (CZ) pointed to vulnerabilities in multisig wallets as a contributing factor. CZ highlighted the need for exchanges to re-evaluate multisig wallets, suggesting that hackers disguised the malicious transfer as a routine transaction. Ledger proposed the use of ‘Clear Signing’ to combat ‘Blind Signing’, where transaction details remain transparent. Fireblocks advocated for off-exchange settlement and MPC technology as ways to bolster security and prevent similar incidents. Some, like BitMEX's Arthur Hayes, even suggested a rollback of the Ethereum blockchain, although this was not widely supported.See omnystudio.com/listener for privacy information.
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