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I usually try not to criticize other industry players, but I still do it once in a while. 😂
This update from Safe is not that great. It uses vague language to brush over the issues. I have more questions than answers after reading it.
1. What does "compromising a Safe {Wallet} developer machine" mean? How did they hack this particular machine? Was it social engineering, a virus, etc?
2. how did a developer machine have access to "an account operated by Bybit"? Some code got deployed from this developer machine straight to prod?
3. How did they fool the Ledger verification step at multiple signers? Was it blind signing? or did the signers not verify properly?
4. So, was $1.4 billion the largest address managed using Safe? How come they didn't target others?
5. What lessons can other "self-custody, multi-sig" wallet providers and users learn from this?
🤷♂️
"Bitcoin will become as big as the US housing market"
-- Larry Fink.
That market is currently 50 Trillion. Let's estimate 100 Trillion by 2040. That is 76x Bitcoin's 1.3 Trillion market cap.
In other words, Bitcoin is going to 5 Million. Source: the most important person in finance on planet earth.
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