The Bybit hack, which resulted in the largest loss of funds to cyber hackers by a cryptocurrency exchange, has highlighted the importance of enterprise-grade custody solutions in the digital assets space. The incident serves as a wake-up call for the industry to prioritize security and transparency. Unlike previous incidents, this attack was not due to technical faults but a sophisticated social engineering exploit that targeted operational security vulnerabilities. This breach, which affected a major global exchange, underscores the constant threat to security in the crypto industry. A detailed analysis of the Bybit attack reveals the need for companies to strengthen their security measures. Multisig security setups, considered the gold standard, require thorough implementation and transparency to mitigate risks effectively. Implementing a multi-layered security framework, including mobile verification and transaction restrictions, can enhance protection against such attacks. Transparency upgrades, such as proof-of-reserve software, can provide independent verification of chain state and ownership, adding an extra layer of security. As institutional adoption of digital assets grows, custody providers must communicate transparently about their security models to build trust with users. The case of the Bybit hack emphasizes the importance of maintaining vigilance in the face of evolving security threats in the crypto industry. By prioritizing security and transparency, businesses can uphold the gold standard of crypto security.