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The $1.5B Bybit Hack

wo weeks ago at the DeFi Security Summit, Trail of Bits’ Josselin Feist (@Montyly) was asked if we’d see a billion-dollar exploit in 2025. His response: “If it happens, it won’t be a smart contract, it’ll be an operational security issue.” Today, that prediction was validated.

The RGB identifies key personnel in system administration, software development, and treasury roles, then creates detailed pretexts - often elaborate job recruitment schemes - customized to each target’s background and interests. These aren’t mass phishing campaigns; they’re meticulously crafted approaches designed to compromise specific individuals with access to critical systems. Industry participants need to recognize the evolving threat landscape and invest additional resources in improving their operational security.

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