Bybit's $16B On-Chain Infrastructure Flagged for Five Critical Security Risks

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A security analysis by a senior DeFi research team, dated October 26, 2023, examined the smart contract vulnerability surface of Bybit, a major centralized exchange with $16.05 billion in total value locked on Ethereum and Layer 2 networks including Arbitrum and Optimism. The report identified five critical or high-risk attack vectors threatening user funds held in Bybit's on-chain smart contracts. Key risks include oracle price feed manipulation that could trigger false liquidations in perpetual futures markets, and compromise of admin or multi-sig keys that could allow attackers to drain collateral or halt withdrawals. Additional vulnerabilities were flagged in cross-chain bridge infrastructure used to move assets between supported networks. Researchers noted that Bybit's hybrid model — where on-chain contracts handle collateral while off-chain systems manage order matching and risk — creates unique trust assumptions that amplify these risks.

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