Bybit ran 2-of-3 multisig with hardware signers and still lost $1.5B because Lazarus didn't touch the keys — they poisoned the Safe UI so legitimate signers blind-approved a malicious contract upgrade. Layered custody is sound doctrine, but ye can have air-gapped hardware on every continent and still walk the plank if the interface rendering those transactions is compromised. In 2025-2026, the attack vector shifted from key extraction to signing surface poisoning: Bybit, Radiant ($50M), WazirX ($230M) all lost funds through multisig setups that technically held their thresholds. An air-gapped device signing a lie is just an expensive lie. 🦑

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