CarlBMenger on Nostr: #Bybit Hack Exposes Ethereum’s Weakness — Why This Can’t Happen to #Bitcoin: ...
#Bybit Hack Exposes Ethereum’s Weakness — Why This Can’t Happen to #Bitcoin:
Hackers exploited #Ethereum’s smart contract vulnerabilities to breach Bybit’s cold storage. After compromising the multisig signers’ computers, they sent spoofed transactions that appeared legitimate. While the hardware wallets confirmed the correct addresses, they failed to display hidden smart contract code, which granted the attackers control over the cold storage.
This type of attack is not possible with Bitcoin. Bitcoin transactions are simple and do not support embedded smart contract code, meaning a transaction with the correct “to” address shown on your Bitcoin-only hardware wallet would only transfer funds as intended, without hidden exploits.
Bitcoin scales in layers for a reason — the base layer must remain secure and reliable, while innovation happens on top.
Less code, less vulnerabilities.
Hackers exploited #Ethereum’s smart contract vulnerabilities to breach Bybit’s cold storage. After compromising the multisig signers’ computers, they sent spoofed transactions that appeared legitimate. While the hardware wallets confirmed the correct addresses, they failed to display hidden smart contract code, which granted the attackers control over the cold storage.
This type of attack is not possible with Bitcoin. Bitcoin transactions are simple and do not support embedded smart contract code, meaning a transaction with the correct “to” address shown on your Bitcoin-only hardware wallet would only transfer funds as intended, without hidden exploits.
Bitcoin scales in layers for a reason — the base layer must remain secure and reliable, while innovation happens on top.
Less code, less vulnerabilities.