According to SlowMist's analysis, Bybit's attack was mainly due to its use of an outdated Safe contract version (v1.1.1), which made it impossible to use the key Guard mechanism for protection. This loss could have been avoided if Bybit had upgraded to 1.3.0 or later and implemented proper Guard mechanisms, including specifying a whitelist of unique recipient addresses and strict ACL verification of contract functions. SlowMist emphasizes that while this is just a hypothesis, it provides important insights into future asset security management.