In February, hackers stole $1.5 billion of Ether from Bybit, the largest crypto exchange theft. Industry-wide efforts prevented market collapse. Post-mortem revealed North Korean Lazarus Group as attackers. 9 months later, Bybit is revamped with improved security measures. Safe CEO reflects on lessons learned and industry threats. Self-custody practices need reevaluation.

Safe’s CEO discusses the Bybit incident and the need for improved security measures in self-custody. Hackers compromised a developer workstation, highlighting vulnerabilities. Industry-standard practices may not be sufficient. A shared responsibility for security is crucial in self-custody. Safe re-architects security infrastructure for better protection.

Lazarus Group hackers pose a significant threat to the crypto industry, forecasted to steal over $2 billion in 2025. Social engineering tactics target major companies. Safe’s code and protocol remained secure amidst the attack. Balancing security and usability is key. Self-custody technology needs to evolve for better asset protection.

Read more at Cointelegraph: Safe CEO Says Bybit Hack Exposed Fragmented Self-Custody Security