Signers on a custody-provider multisig were deceived, partly through a spoofed interface, into approving a malicious contract upgrade.
Roughly 45% of the reserves attested a month earlier.
When every signer approves through the same interface, that interface is a single point of failure no matter how many keys exist.
These are the custody configurations structurally exposed to this kind of event. It describes the failure class, not any individual holder.
Whether your own arrangement sits in one of those groups is the question our Custody Independence Standard is designed to answer, and the four questions in Is your custody setup actually safe? walk through it.
Exchange and custody-provider post-mortems
Figures are as reported by the named sources. Proof of Custody has not independently reproduced the underlying analysis.
Proof of Custody, "WazirX" incident record, proofofcustody.io/incidents/wazirx-2024Signers on a custody-provider multisig were deceived, partly through a spoofed interface, into approving a malicious contract upgrade. Reported loss: ~$230M.
When every signer approves through the same interface, that interface is a single point of failure no matter how many keys exist.
This class of failure could reach: bitcoin left on an exchange. It describes the failure class rather than any individual holder.