What that means is that multiple systems inside Bybit had been hacked in a way that allowed the attackers to manipulate the Safe wallet UI on the devices of each person required to approve the transfer. That revelation, in turn, has touched off something of a eureka moment for many in the industry.

“The Bybit hack has shattered long-held assumptions about crypto security,” Dikla Barda, Roman Ziakin, and Oded Vanunu, researchers at security firm Check Point, wrote Sunday. “No matter how strong your smart contract logic or multisig protections are, the human element remains the weakest link. This attack proves that UI manipulation and social engineering can bypass even the most secure wallets.”