Safe Restores Services Amid Security Enhancements

• Safe{Wallet} resumes operations with stronger security after a major attack, removing Ledger integration to prevent future risks.
• Bybit & allies froze $42.89M, offering a 10% bounty for ethical hackers, while investigators linked the hack to Lazarus Group.
• Ethereum rollback was debated after the attack, but decentralization makes it unlikely; experts warn it could erode trust in blockchain.

Safe{Wallet} is set to resume operations within 24 hours, implementing heightened security measures. The phased rollout follows an attack that exploited Ledger-integrated wallets. The Bybit-linked breach led to the temporary removal of Ledger integration, aiming to prevent future vulnerabilities. Besides, additional transaction validations and enhanced monitoring have been introduced. Users should expect minor delays due to these security enhancements.

Crypto Industry Unites Against Hackers

Major blockchain entities collaborated to counteract the attack. Bybit successfully froze $42.89 million, with assistance from Tether, THORChain, ChangeNOW, and other security firms. Moreover, blacklisted addresses were swiftly identified, preventing further illicit transactions. Additionally, Bybit initiated a 10% bounty, offering up to $140 million to moral hackers who assist in recovering funds.

Crypto researcher ZachXBT and Arkham Intelligence played a key role in following the stolen funds. Their analysis pointed to tactics previously used by the Lazarus Group. Consequently, Arkham rewarded ZachXBT with $50,000 for his efforts. If linked to Lazarus, North Korea might now control a substantial Ethereum reserve, surpassing Ethereum co-founder Vitalik Buterin’s holdings.

Ethereum Rollback: A Divisive Proposal

The scale of the hack discussed rolling back the Ethereum blockchain. Even BitMEX co-founder Arthur Hayes thought so. Bybit also contacted Vitalik Buterin and the Ethereum Foundation to develop potential solutions. But the decentralized nature of Ethereum makes a rollback nearly impossible.

Reversing transactions would demand a contentious hard fork, fracturing the network and compromising blockchain immutability. Experts warn that such an approach would undermine trust in Ethereum. Hence, the proposal faced strong opposition from the broader crypto community.

Moving forward, heightened vigilance remains crucial. Users should scrutinize transactions, ensuring their assets remain protected. The quick reaction of the crypto business shows how resilient it is to online attacks. Nonetheless, continuous security improvements are still necessary to preserve confidence in blockchain systems.