What can we learn from the biggest crypto hack in history — Safe{Wallet} & Bybit $1.4B hack
⚠️ Putting a lot of assets in a single wallet itself is a huge risk, as well as a huge bait for hackers.
⚠️ Large amount and critical transactions should be protected by more than one security mechanisms, e.g. multi-sig + MFA.
⚠️ Operators need to follow rigorous operation processes, as technology can’t solve all human issues. It is hard to believe that all the signers’ machines got infected by the same malicious software.
💡 Hopefully MPC could make things better as the private key would never be exposed, and the mentioned security mechanisms can be built on the protocol level to prevent hacks like this.
