Bybit Hack: Vladimir Menaskop Attributes 90% of Blame to Exchange Team
The cryptocurrency exchange Bybit, which suffered a record-breaking $1.46 billion hack, bears 90% of the responsibility, according to Web3 entrepreneur Vladimir Menaskop. He made this assertion during the “Podcast Society” on ForkLog’s YouTube channel.
Menaskop supported his viewpoint with several arguments. One was that the final signatory of the transaction was Bybit CEO Ben Zhou.
“This is beyond belief, because the final signatory should not be the top executive, but the most experienced person. It should be either the head of security or an advanced individual who understands how to verify a signature, decrypt a hash, identify all the variables involved, and so on. Not the CEO, who is primarily responsible for commercial processes and operations,” the expert stated.
He also pointed out that a similar attack vector had previously been used by cybercriminals in several hacks, including the cases of Radiant Capital and WazirX. In Menaskop’s opinion, Bybit failed to analyze these incidents and did not take measures to counteract similar attacks on its platform.
The main reason Menaskop holds the exchange accountable is that the cybercriminals targeted individuals.
“If there had been more qualified people handling security, rather than just transactions, who understood how multisig and hardware wallets work, this hack would very likely not have occurred, despite the hackers’ extensive preparation,” Menaskop explained.
He added that anyone can be hacked—”it’s just a matter of money, time, and effort,” and Bybit “did not interrupt a single step” of the hackers.
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