Preventing the Bybit Hack: Why Multi-Institution Custody Is the Key

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Onramp Research, March 2025. How attackers took $1.5 billion from Bybit through a compromised multisig interface, and why bitcoin-native multisig with three independent institutions removes that single point of failure.

By Brian Cubellis

Page 1 of Preventing the Bybit Hack: the introduction and the start of Anatomy of the Bybit Hack, covering the attack vector and lessons from the $1.5 billion breach.
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Page 2: Ethereum multisig compared with bitcoin's protocol-level multisig, and why Bybit's single-entity multisig setup failed.
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Page 3: the advantages of multi-institution custody, including protocol-level resilience and why diversified custody across single custodians falls short.
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