Safeheron Alert: BXH Incurred $130 Million Loss From Hacking
10/30/2021
By Safeheron Security Team
On Oct. 30th, 2021, BXH, the decentralized exchange protocol was attacked with around $130 million loss.
It's time to take the single point of failure brought by a single private key more seriously.
Now, some decentralized protocols do face risks of contract loopholes and trouble with private key security management. The security of contract code actually can have lower risks with code auditing provided by the security team.
From Safeheron’s point of view, it’s highly necessary to attach more importance to security risks caused by the management of a single private key. We shall upgrade the Owner private key to multisig management as soon as possible which can effectively avoid the single point of failure from the private key.
Through on-chain contract multisig or MPC multisig, multisig management will be realized for Owner private key.
For detailed differences between these two multisig solutions, please read Which One Is Best for You? Comparative Analysis on 5 Major Digital Asset Custody Solutions
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