Security Review Flags High Governance Risk in Bybit DeFi Platform

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A DeFi security research team published a governance attack surface review of Bybit, a custodial-exchange-derived DeFi platform with approximately $16.8 billion in total value locked on Ethereum and multiple Layer 2 networks. The review identified ten vulnerabilities across Bybit's on-chain and off-chain governance systems, assigning an overall governance risk score of 7.2 out of 10. Among the most critical findings was a single-key upgradeable proxy admin, rated 9 out of 10, which could allow an attacker to replace core contracts with malicious code while bypassing all governance checks. Reviewers also flagged token concentration as a major risk, noting that the top ten BYT token holders control roughly 68% of the total supply, making governance capture a realistic threat. Additional concerns included short timelock delays, flash-loan-driven voting exploits, and vulnerabilities in cross-chain bridge governance parameters that could enable fund siphoning across Layer 2 networks.

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