Why can the 15,000 cmETH stolen bybit be saved?

SlowMist and the Cosine Security team recently released a Bybit asset tracking report, revealing 15,000 cmETH successfully blocked withdrawals, avoiding a case of losses of about $42 million. How is this achieved?

cmETH is a re-staking asset of mETH, and mETH is a liquid pledge agreement asset used to generate native returns on the Mantle Layer2 chain. Its accumulated deposits are second only to stETH, wBETH and rETH. Mantle uses mETH to attract liquidity on the Layer2 chain and becomes the key liquidity hub of Layer2, which shows the importance of mETH to Mantle.

Users can obtain cmETH by restaking mETH. Although the risk of restaking increases, they can obtain the governance token $COOK by mining in Layer2's activities. In short, cmETH is a stake credential in the Layer2 network, participating in the interaction of various Layer2 protocols.

It is precisely because of its complex interactive logic that the cmETH protocol has three built-in security mechanisms:

1. Address blacklist mechanism: Quickly blacklist hacker addresses and restrict their transactions cmETH.
2. Contract suspension mechanism: In an emergency, the team can suspend cash withdrawals to prevent the circulation of suspicious assets.
3. Delayed withdrawal mechanism: Uses a FIFO (first-in, first-out) queue, with a withdrawal delay of up to 7 days (the event is 8 hours), providing time for the team to identify abnormal behaviors.

Although these mechanisms sacrifice decentralization to a certain extent, cmETH, as a re-private asset, is related to the entire cross-chain and cross-protocol system liquidity. As an important part of the Mantle ecosystem, it is reasonable to take additional security measures.

Unexpectedly, cmETH's security mechanism did not play a role in the complex DeFi ecosystem, but successfully prevented theft of Bybit assets.

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