Safe CEO Says Bybit Hack Exposed Fragmented Self-Custody Security

In February, the cryptocurrency ecosystem stood on the precipice of calamity. Hackers stole $1.5 billion of Ether from crypto exchange Bybit, the largest theft the industry had ever seen.

Fears of a contagion-driven market collapse were alleviated by an industry-wide effort to plug the gap at Bybit, and within hours, the exchange regained control of the situation.

The post-mortem revealed that Bybit’s routine transfer of Ether (ETH) between wallets had been captured by hackers. The attackers, believed to be North Korean Lazarus Group, compromised a…