<ul><li>1. Social Engineering and Initial Access: Attackers used targeted phishing to trick Bybit personnel responsible for cold wallet security and gained control over the exchange's cold wallet.</li><li>2. Exploiting Smart Contract Vulnerabilities: Attackers deployed a malicious contract upgrade, overriding security measures and moving funds undetected.</li><li>3. Timing the Attack: Attackers may have had insider knowledge or utilized behavioral analysis to strike at the right moment and complete the transfer before detection.</li><li>4. Laundering the Stolen Funds: Attackers split the stolen funds, used various anonymity tools and converted some into Bitcoin and stablecoins to obscure their tracks.</li></ul>

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