Imagine owning 100 ETH but being unable to access it. A forgotten multichain vulnerability turned this fortune into a digital ghost—until it was miraculously recovered hours later. This incident involving a Safe multisignature wallet not only highlights the risks of early contract designs that didn’t account for multichain ecosystems but also demonstrates the critical role white hat hackers play in protecting users from catastrophic losses.
The Peril of a Single Click: How an Old Safe Version Caused Cross-Chain Confusion
Recently, a crypto user shared a harrowing experience: while using Safe’s official cross-chain bridge tool to transfer 100 ETH from Ethereum to Base, they discovered they couldn’t access the funds on the destination network. Although the address was identical, the Safe wallet on Base was controlled by a completely different set of signers.
The root cause, as explained by Safe’s team, was the user’s reliance on an outdated Safe smart wallet version (v1.1.1) from 2020. This version wasn’t designed for multichain compatibility. Consequently, on other chains, anyone could deploy their own Safe contract to the same address under specific conditions, effectively “front-running the deployment” and redirecting funds to a maliciously controlled contract.
White Hat Deployment: How Protofire Stepped In to Protect Funds
As the user sought help, Safe’s team and engineers quickly investigated. They found that the address in question had been deployed by white hat hackers from Protofire. This team had proactively identified the multichain risk associated with old Safe versions and pre-deployed hundreds of these addresses on Base to prevent black hat hackers from exploiting them for fraud or theft.
After verifying identities, Protofire immediately returned the 100 ETH to the user, turning a potential disaster into a story of successful recovery. This incident underscores the importance of white hat ecosystems in safeguarding the crypto space.
Learning from Past Incidents: Safe’s Security Mechanisms Under Scrutiny
Safe’s team emphasized that this was an extreme case stemming from outdated versions lacking multichain protection. Current versions ensure consistency across chains to prevent misdeployments. The official bridge tool, based on LIFI Protocol, has also been updated to include additional warnings: if the target chain has existing code but different signer settings, users will receive clear alerts to prevent missteps.
However, this isn’t the first time Safe has faced security challenges. Earlier this year, a major incident involved hackers compromising a Safe developer’s device and altering its front end, leading to a $1.5 billion theft. While different in nature, both events reveal the core security challenges of smart wallets like Safe.
Key Takeaways for Multichain Self-Custody
This recovery story has been hailed as one of crypto’s most compelling recent narratives. It reminds us that the hope of the crypto world lies not in eliminating risk entirely but in having resilient systems and ethical actors who step in when things go wrong.
Self-custody wallets empower users with sovereignty but also come with heightened responsibilities. As the affected user noted, “After eight years of avoiding scams, I lost everything to a UX bug.” This isn’t an isolated case but a growing pain in the multichain ecosystem.
Building a safer crypto future requires robust protocol designs, smarter warning systems, and more proactive white hat initiatives. Only through collective effort can we create a secure and user-friendly environment for all.
Frequently Asked Questions
What caused the 100 ETH loss in the Safe wallet incident?
The loss occurred due to an outdated Safe wallet version (v1.1.1) that wasn’t multichain compatible. This allowed a third party to deploy a contract on the same address on another chain, redirecting funds to their control.
How were the funds recovered?
White hat hackers from Protofire had pre-deployed the vulnerable addresses to prevent malicious use. After verifying the user’s identity, they returned the 100 ETH, showcasing the importance of ethical security practices.
Is the Safe wallet secure for multichain use now?
Current versions of Safe wallet include multichain protections to prevent similar issues. The official bridge tool also now warns users if destination chain configurations differ from expectations.
What can users do to protect their funds in multichain environments?
Users should always use the latest wallet versions, verify destination chain settings, and rely on official tools with built-in warnings. Staying informed about potential vulnerabilities is also crucial.
How common are such incidents in crypto?
While not everyday occurrences, multichain vulnerabilities are emerging as ecosystems expand. Proactive security measures and community vigilance are key to mitigating risks.
Where can I learn more about advanced security practices?
For those looking to deepen their understanding of wallet security and multichain strategies, explore more protective measures here. Staying updated with official sources and security teams is also recommended.