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Recent large-scale hacking incidents at WazirX, Phemex, and most notably Bybit have raised significant security concerns within the cryptocurrency market. The staggering loss of $1.4 billion at Bybit has left users anxious, while Changpeng Zhao (CZ), the founder and former CEO of Binance, has made critical statements regarding these attacks.
Increasing Attacks on Cryptocurrency Exchanges
CZ pointed out that hackers are specifically targeting multi-signature cold wallets in light of these recent events. During the Bybit attack, hackers manipulated the front-end interface to create the illusion that users were conducting transactions. However, the actual signed transaction involved a completely different fund transfer, highlighting potential severe vulnerabilities in multi-signature security systems.
The hacking of exchanges protected by various security providers suggests the possibility of a broader vulnerability rather than a single security flaw. CZ indicated that the notorious hacking group Lazarus, believed to have connections to North Korea, could be behind these attacks. However, it remains unclear whether the attackers targeted security devices or servers.
CZ: Withdrawals Should Be Halted Immediately After an Attack
CZ emphasized that exchanges must immediately suspend withdrawal operations during an attack to prevent further losses. He recalled that this approach was successfully implemented during Binance’s 2019 attack, resulting in restored user trust after a week-long pause and even a net increase in deposits post-incident.
The Binance founder also praised Bybit CEO Ben Zhou for managing the situation transparently. However, he expressed concerns that exchanges like WazirX and FTX lost user trust due to a lack of clear communication. CZ reminded users that they should prioritize reliable and transparent platforms in the cryptocurrency marketplace.
