Security researchers have determined that hackers injected malicious JavaScript directly into Safe’ s online infrastructure hosted on AWS. The code was specifically designed to activate only when interacting with Bybit’ s contract address, allowing it to remain undetected by regular users, describes Oded Vanunu at Check Point.

“ This attack proves that a preventionfirst approach, securing every step of a transaction, is the only way to stop cybercriminals from carrying out similar high-impact attacks in the future. We cannot afford to rely solely on conventional cryptographic models as attacks become increasingly complex,” says Oded Vanunu, Chief Technologist and Head of Product Vulnerability Research, Check Point.

Rather, we need a comprehensive strategy that addresses social engineering tactics, user interface manipulation risks and human vulnerabilities. Crypto institutions can better safeguard their assets in an increasingly complex threat landscape by enforcing real-time threat monitoring, educating users and bolstering transaction verification.

Although no security system is entirely foolproof, staying ahead of cybercriminals will require a proactive and flexible approach. The sector needs to move toward multi-layered defence tactics that combine

Oded Vanunu, Chief Technologist and Head of Product Vulnerability Research, Check Point stringent verification procedures, education and technology.

Multi signature wallets

What is a multisig cold wallet? A multisignature wallet is a type of cryptocurrency wallet that requires multiple signatures, instead of just one, to execute each transaction. These signatures are associated with different cryptographic private keys, and a defined threshold of keys must sign a transaction to validate it.

According to Coinbase, a multi-signature wallet requires multiple signatures, instead of just one, to execute each transaction. These signatures are associated with different cryptographic private keys, and a defined threshold of keys must sign a transaction to validate it. This feature strives to prevent the abuse of power and introduce safeguards, making it a tool for businesses, institutions, and decentralized autonomous organizations.

The workflow of a multi-sig wallet remains the same irrespective of the number of signers. Any parties to a multi-sig wallet can initiate a transaction signed with their private key. However, the transaction is displayed as pending until other parties sign it.

Multi-sig wallets may implement an N-of-N setup where all signatories must validate a transaction before it is considered valid. Alternatively, an N-of-M setting requires a specific subset of signers to approve a transaction. For example, in a 3-of-4 wallet, three out of four signers must validate the transaction for it to be executed.

When used properly, a multi-sig wallet aims to offer additional security by eliminating the single point of failure risk associated with having one private key. It makes it difficult for hackers to steal funds from a wallet, because they must have the different keys to complete any action. This feature is especially desirable when the assets belong to multiple parties in a company or a decentralized autonomous organization.

40 www. intelligenttechchannels. com