Safe Clears Audit: No Security Issues Found

Safe, a leading decentralized finance (DeFi) platform, has concluded a thorough audit following recent concerns about potential security vulnerabilities. The audit found no evidence of any security issues, and no other Safe addresses were affected.

In a statement released on social media, Safe addressed the issue of "ByBit displaying seemingly correct trade information but executing a malicious transaction on-chain with all valid signatures." The platform conducted a comprehensive review of its codebase, dependencies, and infrastructure logs, finding no signs of leakage, modification, or unauthorized access.

Safe temporarily suspended the Safe{Wallet} function to ensure users' confidence in the platform's security. Although the investigation found no evidence that the Safe{Wallet} frontend itself was compromised, the platform is conducting a more thorough review to ensure the highest level of security.

The recent incident comes amidst a broader context of increasing security concerns in the cryptocurrency industry. In February, Bybit, a major cryptocurrency exchange, suffered a hack that resulted in the loss of over 500,000 ETH, amounting to approximately $1.5 billion. This incident raised questions about the security of multi-signature wallets and the need for enhanced security measures in the industry.

In response to the Bybit hack, the exchange fully disclosed its liquidation data, setting a new industry standard for transparency. This move comes as the crypto market continues to evolve, with centralized exchanges (CEXs) playing an increasingly significant role. In recent months, CEXs have seen a surge in new coin liquidations, with the total amount exceeding $65 million. This trend has sparked discussions about the potential end of the "bear market" and the future of the crypto industry.