Bybit, a cryptocurrency exchange, has suffered a major security breach resulting in the theft of approximately $1.5 billion. The hack was facilitated through a compromised Gnosis Safe decentralized application (dApp), highlighting vulnerabilities in the platform's security protocols. Experts have pointed out that Bybit's failure to verify transaction hashes and the decision to hold such a large sum in a single wallet contributed to the incident. Mudit Gupta, a security analyst, emphasized that basic security checks could have prevented this breach, which is now considered one of the largest hacks in crypto history. The incident raises concerns about the transparency and security standards currently in place for cryptocurrency exchanges, with calls for improvements to protect users from similar attacks in the future.