Comment On Biggest Crypto Heist Ever?

This past weekend saw hackers steal $1.5bn from crypto exchange in ‘biggest digital heist ever’. "Bybit said the hack occurred when the company was making a routine transfer of Ethereum from an offline “cold” wallet to a “warm” wallet, which covers its daily trading. An attacker exploited security controls and was able to transfer the assets." (Guardian).

The market has reacted - with the heist triggering a few KYC (know your customer) emails to inactive accounts; and a dip in price.

Happy to connect you to Easy Crypto's Chief Commercial Officer for comment - Paul Quickenden.

In summary > "This was a case of 'hack the humans'. Cold wallets like this require multi sign-offs; and in this case, the humans assumed they were signing off on a routine transfer. In a hi-tech world, this (triple!) underlines the importance of not relying on assumptions when it comes to underlying tech's ability to keep us safe. There are still massive risks that exchanges need to proactively manage. Clear signing and Multi-party Computation (MPC) wallet tech (like the Easy Crypto wallet uses) offer important alternatives that can help. MPC wallets distribute the private key among multiple parties, making it more difficult for attackers to steal funds or for users to lose access due to key loss."

He adds "The wallets did its part perfectly; the hackers got into the system via a human attack and then attacked a piece of software that the company was using to send transactions...this is why you need multi-layered security and enough friction and controls in the system to make it secure."

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