Safe’s security team has launched an investigation into possible security threats after reports emerged of unauthorized fund movements linked to Bybit.
While there is no evidence of a direct compromise to Safe’s frontend, the team has proactively suspended certain Safe{Wallet} functionalities as a precaution.
The move follows a suspected $1.4 billion security breach at Bybit, initially flagged by on-chain investigator ZachXBT. Safe’s decision to limit functionalities reflects heightened concerns over the security of exchanges and wallets in the crypto sector. The company reassured users that security remains a top priority and promised further updates as the investigation unfolds.
This incident highlights the critical need for enhanced security protocols in decentralized finance. As investigations continue, users are urged to stay informed through official channels and exercise caution when managing their digital assets.
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