The recent hack of Bybit, resulting in a staggering $1.5 billion theft from their multisig cold storage wallet, underscores the vulnerabilities predicated on operational security failures in the cryptocurrency space. Commentators noted that while multisig setups like Gnosis Safe are designed to enhance security, the actual execution of operational practices, such as communication and verification, appears to be lacking. Concerns about the online security landscape being treated like the 'wild west' emerged, with foreign state actors exploiting the inadequacies of cyber defenses without consequence. A suggestion was made for cryptocurrency companies to adopt more secure and dedicated machines for signing transactions. The hack serves as a cautionary tale that highlights the immature state of security protocols in the crypto industry, contrasting sharply with traditional banking's stringent compliance and security practices.