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More on #Bybit situation:
ByBit CEO Ben just said on his live Space "I was the last of the 3 to sign and said the transaction was for 30k $ETH in the @safe order but the hacker had access to the safe pdf (????) and changed the number of $ETH after it was signed by #Bybit before the transaction processed."
Note: I have not qualified this as a hack yet. I will not qualify as a hack until I personally am satisfed it is.
It seems #Bybit is pushing blame to @safe Safe.eth their multisig wallet manager which appears to have full control of the transaction even after the signers have signed which makes no sense and is clearly exploitable, or their UI was exploited by a sophisticated hacker to deceive the user and the vendor which seems inconceivable.
The takeaway: Do not store your crypto on centralized exchanges and Ill say it again, all Ethereum L2 networks and "wrapped" crypto like WBTC and cbBTC store their entire reserves of $ETH and $BTC in similar structures, this includes Base, Optimism, Arbitrum etc. the fractured liquidity model is not permissionless, not crypto and is the biggest risk to crypto. Ive said it before and Ill say it again. Im not surprised by this event today and there will be more. Humans cannot be trusted. Trust software only. Every "hack", "exploit" or loss of funds in crypto is caused by humans, not machines. Monolithic blockchains only. Self custody only.
Respect every click. Double check before clicking anything. Treasure your crypto. Move you crypto to the native network in self custody.
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#BREAKING: European financial regulators are “furious” at the handling of Silicon Valley Bank by US authorities.
“They tore up a rule book they helped write.”
Senior Eurozone official said the US showed “total and utter incompetence”
#Bitcoin is a bank that can't lend out, invest, gamble, dilute, debase, freeze, or seize your assets. It works all the time, everywhere in the world, and is unstoppable.
#Matic is facing a strong level which will tell us the future for the coin. A break above $1.2410 will give an indication for the next bullrun. Will this happen or another big drop?
@MMFcrypto Hi! This is great and all. Did you notice $MMF is $0.12, $MMO $3.31, & $METF is $7.68? The list goes on 🧐. Please provide life support to the main ecosystem instead of chasing new tokens. Can we also stop the peg of a peg of a peg and the overflow method needs tweaking. Thanks!