<p>Odaily News CZ said about the recent Bybit hack: “We have seen a pattern where hackers are able to steal large amounts of cryptocurrency from multi-signature ‘cold storage’ solutions, such as Bybit, Phemex, WazirX and other exchanges. In the recent Bybit case, the hacker was able to make the front-end UI show a legitimate transaction, while the actual signature pointed to another transaction. For other cases, based on the limited information available, it seems that similar tactics were used.<br/> What is even more worrying is that the affected exchanges use different multi-signature solution providers. The hacker group Lazarus Group has demonstrated extremely advanced and extensive penetration capabilities. It is still unclear whether the hackers successfully penetrated multiple signature devices, the server side, or both.<br/> Some have questioned my previous suggestion to suspend withdrawals as a standard security precaution (tweeted from my shuttle bus to the airport). My intention was to share a practical approach based on experience and observation, but there is no right or wrong approach. My guiding principle is always to lean on the safe side. After any security incident, all operations should be suspended to ensure we fully understand what happened, how the hackers penetrated the system, which devices were compromised, triple-check to ensure safety, and then resume operations.<br/> Of course, suspending withdrawals could cause more panic. In 2019, we suspended withdrawals for a week after a major $40 million hack. When we resumed withdrawals (and deposits), deposits exceeded withdrawals. This is not to say that this approach is better, each situation is different and requires judgment. I tweeted to share what might work and to show support in a timely manner. I believe Ben made the best decision based on the information he had.<br/> Ben has maintained transparent communication and a calm demeanor while handling this challenging situation, which is in stark contrast to other CEOs who have lacked transparency, such as WazirX, FTX, etc.<br/> Each of the cases mentioned here is different. FTX is a fraud, and as for WazirX, I cannot comment due to the ongoing litigation.<br/> The bottom line is that we should never take safety for granted. It’s important to understand safety so you can choose the right tools for your needs, but the basic concepts still apply. Stay safe (SAFU)!”<br/></p>