Crypto Catastrophes: Why WazirX and Phemex Should Take a Lesson from Bybit!

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Well, well, well! Look who’s throwing shade in the crypto playground! It’s Sumit Gupta, the big cheese at CoinDCX, and he’s got a bone to pick with WazirX and Phemex! 🦴💰

Apparently, these exchanges are playing hide-and-seek with their security breaches! I mean, come on, guys! If you’re gonna hide something, at least make it a treasure map, not a security disaster! 🗺️💣

“Unpopular Opinion: If WazirX and Phemex had spilled the beans on their security breaches like Bybit did, we might’ve caught that pesky Safe vulnerability before it turned into a full-blown heist! @benbybit

One thing common in these three…

— Sumit Gupta (CoinDCX) (@smtgpt) February 26, 2025

Speaking of heists, Bybit recently had a $1.4 billion oopsie-daisy when hackers decided to throw a party in their Gnosis Safe multisig wallet! 🎉💸 They used some fancy footwork called delegatecall to waltz away with the cash! Talk about a dance-off gone wrong!

But wait, there’s more! Bybit was a good sport and shared the details of their little mishap, helping other platforms tighten their security. Meanwhile, Safe (formerly Gnosis Safe) is like, “Oops! Our bad! We’re on it!” 🕵️‍♂️🔍

Now, let’s not forget WazirX, who had their own $230 million vulnerability party in July 2024! 🎈🎊 Hackers crashed the bash and exploited flaws in their Gnosis Safe multisig wallet. Illegal payment transfers? More like illegal party favors!

And Phemex? Oh boy, they got hacked in April 2024, losing over $100 million! It’s like a bad sequel to a heist movie! 🎬💔

Gupta pointed out that all three incidents had one thing in common: Gnosis Safe multisig wallets! It’s like the hackers found the secret entrance to the vault! 🏴‍☠️💰

He said, “The attack deployed malicious smart contracts in advance to do a masked upgrade, containing hidden backdoors and the ability to manipulate contract storage and steal funds by executing unauthorized transfers by setting the ‘operation’ field to 1 (delegatecall) instead of 0 (call).” Sounds like a techy version of a magician’s trick! 🎩✨

But fear not! CoinDCX is on the case! Gupta assures us they’ve got strong security measures in place. No Gnosis Safe wallets here, folks! They’re like the bouncers of the crypto club, keeping the riff-raff out! 🚫💃

Plus, CoinDCX doesn’t use smart contracts for fund transfers, which is like saying, “No thank you, I’ll pass on the risky business!” All transactions require manual approval, making it harder for those sneaky hackers to pull a fast one! 🕶️💼

And in closing, Gupta quips, “Hackers are getting quite active these days! We and our security team are always on our toes when it comes to security. Stay safe!” Because who doesn’t love a good security scare with a side of sarcasm? 😂🔒

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2025-02-26 22:31