First Wazirx, then Phemex, and now travel – three major cryptography hacks in short duration. The latest violation, an amazing robbery of $ 1.4 billion, has raised serious concerns about security, which leaves users worried about their funds.
The co-founder of Binance, Changpeng Zhao (CZ), has now weighed, warning of the increase in the number of hacks and highlighting the need for stronger safety measures.
CZ signals a worrying model in cryptographic hacks
In a recent tweet, CZ underlined a disturbing trend: the pirates successfully target multi-Signature “cold storage” portfolios to steal large amounts of crypto.
https://twitter.com/cz_binance/status/1893274376306356487
He explained that in the case of Bybit, the attackers manipulated the front interface, which made him look like a normal transaction. But behind the scenes, an entirely different transaction was signed. This exposes serious defects in multi-signature security systems.
Do pirates use security suppliers?
What is even more worrying is that these hacked exchanges have used different security suppliers. This suggests that the pirates, probably the famous Lazarus group, found vulnerabilities that go beyond a single system. We still do not know if they use weaknesses in the safety devices, the servers or both.
CZ advice: withdrawal of break after hacking
To limit the damage caused by such violations, CZ suggested that crypto exchanges should interrupt withdrawals immediately after detecting an attack. He stressed that before reopening, exchanges must fully investigate how hacking has occurred, what systems have been compromised and if security has been fully restored.
He recalled Binance’s hacking in 2019, where withdrawals were interrupted for a week. While the move initially caused a panic, user confidence has been restored and when withdrawals have resumed, more deposits have circulated than withdrawals.
- Read also:
- Bybit Hack Update: Pressure reserves after a loss of $ 1.4 billion-will she recover?
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CZ rents bybit’s response, criticizes others
Meanwhile, CZ applauded the CEO of Bybit, Ben Zhou, to stay calm and be transparent during the crisis. He compared this to other exchanges like FTX and Wazirx, where a lack of opening has led to bigger problems.
Finally, CZ noted that security should never be taken lightly and urged the cryptographic community to remain informed and choose safe platforms.
Pirates become smarter, attacks become more daring and risks are growing. The question is: are the exchanges of cryptography prepared?
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