How the $1.4B ByBit hack happened, and how to protect yourself against this type of hack

ByBit's ETH wallet was drained in the largest crypto hack in history. Don't write this off as ETH-specific - it can happen in bitcoin too.

Here's what likely happened, how it could happen to you, and how we protect you against this at Casa. 1/ The ByBit hack likely stems from compromised computers used in the signing process.

The ByBit team was using the Safe multisig contract to store their ETH. This is generally best practice, and the Safe contract itself is unlikely to be compromised. 2/

What if there was an easier way to sign #bitcoin transactions? It’s finally here.

Just now at #Bitcoin2024, I announced @CasaHODL members can now use a #YubiKey in their vaults. YubiKeys are easy and secure — just tap to sign. These devices make self-custody possible for all 🧵 2/ Over time, we’ve heard from our members who don’t feel comfortable with hardware wallets.

Some are nervous about using them correctly. Others are afraid if they die or are indisposed, their spouses or relatives won’t know what to do with the devices. YubiKeys solve this.

Do you truly own bitcoin when you only deal in cash?

I’m going to be doing a series on the differences between spot ETFs and spot bitcoin.

Being an ETF noob, I wanted to learn about the creation/redemption process and how it affects your bitcoin ownership. 🧵 2/ The creation/redemption process is how ETFs come onto the market, and it typically doesn’t involve retail investors much.

Between you and the ETF issuer sit a number of third parties: broker-dealers, market makers, authorized participants (AP), and custodians.

The @yugalabs TwelveFold auction will likely result in some incredibly valuable inscriptions, and could be an inflection point for ordinals on bitcoin.

While wallet tech for ordinals is super early, we jumped on it this week to define the safest way to store ordinals with Casa👇 The benefit to using Casa to secure high value ordinals is that you have multiple keys protecting your inscriptions. This means if you lose a key, you don't lose your inscription (or your bitcoin!).

It’s important to us at Casa that we help create a welcoming and diverse community within Bitcoin. Our community is building a new money for the world - to do that successfully we need to be representative of the people in the world. 1/ We take action to back up our beliefs, so we’re giving free coworking space at the @bitcoincommons and resource/mentorship time with the Casa team to women and people of color building on Bitcoin. 2/

My latest op-ed in @FortuneMagazine about the importance of financial freedom as a fundamental right, and how Bitcoin enables it.

fortune.com/2022/03/15/how… For some similar ideas but more focused on what's going on in Russia (whereas the op-ed focuses on Canada), check out this thread:

https://twitter.com/Nneuman/status/1499421208336637967?s=20&t=_TgJHYJFyD-c1B3ZSHwR8g

Within the last few weeks, we’ve seen the problems with financial censorship and devaluation take center stage in the world, from Russia and Ukraine to Canada.

Nothing has highlighted more the need for Bitcoin as independent money enabling individuals to be their own bank 1/x Make no mistake: Putin’s invasion of Ukraine is an inexcusable tragedy. It’s crushing to see the loss of life and what Ukrainians are going through.

It’s also critical to look at what’s happening w/ the money. Let’s start w/the Russians, where we see 3 main (bad) developments

Over the weekend, a @CasaHODL client survived a “$5 wrench attack” - he was drugged and persuaded to give up access to phone, accounts, and passwords. With the client’s permission, we are sharing the story to help others learn to protect themselves.

🧵👇 Luckily, this was not an attack that caused major physical harm. He was drugged by a date he met on an app, and was unable to function lucidly for an estimated 24 hours. 2/