Geo

infosec aficionado

[SplinterSec @splint3rsec]

#39c3

[Zekah @Zekah]

#39c3

[Pirat_Nation 🔴 @Pirat_Nation]

Soon, you will need an ID to browse the internet, play video games, or watch movies, regardless of your country.

[Zoide @ZoideNFT]

🚨BREAKING: The Bybit Incident: A Blow to the Crypto World

On February 21, 2025, Bybit, a leading cryptocurrency exchange, reported a sophisticated attack that compromised one of its Ethereum (ETH) cold wallets. According to an official X post, the breach occurred when a routine transfer to a warm wallet was hijacked via an advanced technique masking the transaction signature. This hack resulted in the loss of over $1.4 billion in ETH, mETH, and stETH, per initial reports. Bybit claims its $16.2 billion in reserves can absorb the hit and operations remain normal, but the event reignites the debate over custodial exchange security versus traditional bank guarantees.

🟢 What Are Custodial Exchanges?
Exchanges like Bybit are centralized platforms that hold users’ assets. They manage your private keys, offering ease of use but taking on security responsibility. Bybit employs cold storage (offline wallets) and multi-signature systems to reduce risks, yet this hack proves even top-tier measures can be breached by skilled attackers.

🟢 Bank Guarantees: A Backed Safety Net
Contrast this with traditional bank accounts. In the U.S., the FDIC (Federal Deposit Insurance Corporation) insures deposits up to $250,000 per account if a bank fails. In the EU, national deposit guarantee schemes cover up to €100,000 per customer. These protections are government-backed and heavily regulated, designed to absorb losses and maintain trust in the financial system. If a bank collapses, depositors don’t lose everything—there’s an institutional cushion.

🟢 Custodial Exchanges: No Universal Safety Net
In crypto, there’s no standardized equivalent. Some exchanges, like Bybit, maintain reserves or private insurance—Bybit says its $16.2 billion fund covers this hack. But this relies on each platform’s solvency and transparency, not a global mandate. Past failures like Mt. Gox (2014) or FTX (2022) left users empty-handed. Responsibility lies with the platform, but if it goes under, there’s no “crypto FDIC” to step in.

🟢 Risks and Responsibilities
Banks shift some risk to the regulatory system, while custodial exchanges place it largely on users trusting their security. Bybit uses cold storage and reserve audits, but the hack shows best practices can falter. Banks, meanwhile, face government audits and capital requirements that exchanges don’t yet match.

🟢 What This Means for Users
The Bybit hack is a wake-up call: custodial exchanges offer convenience, but without universal guarantees, the risk exceeds that of banks. Users can mitigate this with non-custodial wallets (controlling their own keys), though they trade ease for full responsibility. The takeaway? In crypto, security hinges on both the platform and your choices.

🟢 Conclusion
While banks provide an institutional safety net, custodial exchanges like Bybit rely on their own measures—and those aren’t always foolproof. Today’s breach doesn’t just shake faith in Bybit; it highlights the need for stronger protections in crypto. Will the industry evolve toward bank-like guarantees, or remain a high-stakes frontier? Time will tell.
(Note: Based on info available as of February 21, 2025, including X posts and early Bybit hack reports.)

[Geo @dragusin]

@AIGenesis_ GPT

[Security Trybe @SecurityTrybe]

10 CyberSecurity Blogs/Websites For CyberSecurity Professionals👇

[Geo @dragusin]

#SANS training classes are the second best thing after Czech beer this week in Prague. If you are on-site join us for Social Night in Bar Oscars tonight @ 18.00 (bring your SANS badge!)
#SANSDFIREurope #SANSAlumni

[Geo @dragusin]

Join us for panel discussion about threat landscape in 2021

[Dmitry Bestuzhev @dimitribest]

On Monday, Nov 30 we will host a live #Webinar about Key #Financial #cyberattacks in 2020 and our forecast for 2021

@JusticeRage @_xdanx and me will have a pleasure to have @anchisesbr @b00010111 from @CERT_at and @dragusin

https://t.co/ATqxokQBrh

[Geo @dragusin]

Bored !? ... you can “play” with your car @inbarraz #hacktivity2018

[Geo @dragusin]

Awesome keynote #zdi day2 #Hacktivity2018 @MaliciousInput

[Geo @dragusin]

@stefant @hookgab smartcar hacks #Hacktivity2018

[Geo @dragusin]

Thx @comedyhacker. swipecode pattterns ftw #Hacktivity2018

[Geo @dragusin]

how to get into the darknet #Hacktivity2018

[Stefan Tanase @stefant]

Humbled to be part of this year's "Top 30 Under 30" by Forbes Romania, together with @hookgab.
As internet security researchers, being compared to medical doctors is a real honor - thank you @ForbesRo!

[Geo @dragusin]

Expoliting @ ExploitBar #34c3

[Geo @dragusin]

@stefant One more talk tonight - Intel ME: myths & reality. #34c3

[@[email protected] @DontSwitch]

Bestes Banner 😁 #34c3

[Yonathan Klijnsma @ydklijnsma]

For those testing the @ECCOUNCIL redirect to Angler, it is still there! Set user-agent to MSIE and google as referer

[Geo @dragusin]

https://t.co/FaQwdAIdfp