A major hack of the ByBit exchange, resulting in $1.5 billion being stolen, has sent ripples through the cryptocurrency community. Binance co-founder Changpeng Zhao (CZ) pointed to vulnerabilities in multisig wallets as a contributing factor. CZ highlighted the need for exchanges to re-evaluate multisig wallets, suggesting that hackers disguised the malicious transfer as a routine transaction. Ledger proposed the use of ‘Clear Signing’ to combat ‘Blind Signing’, where transaction details remain transparent. Fireblocks advocated for off-exchange settlement and MPC technology as ways to bolster security and prevent similar incidents. Some, like BitMEX's Arthur Hayes, even suggested a rollback of the Ethereum blockchain, although this was not widely supported.

A major hack of the ByBit exchange, resulting in $1.5 billion being stolen, has sent ripples through the cryptocurrency community.&nbsp;Binance co-founder Changpeng Zhao (CZ) pointed to vulnerabilities in multisig wallets as a contributing factor.&nbsp;CZ highlighted the need for exchanges to re-evaluate multisig wallets, suggesting that hackers disguised the malicious transfer as a routine transaction.&nbsp;Ledger proposed the use of &lsquo;Clear Signing&rsquo; to combat &lsquo;Blind Signing&rsquo;, where transaction details remain transparent.&nbsp;Fireblocks advocated for off-exchange settlement and MPC technology as ways to bolster security and prevent similar incidents.&nbsp;Some, like BitMEX's Arthur Hayes, even suggested a rollback of the Ethereum blockchain, although this was not widely supported.