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Using a bug for reaching in game purposes is generally prohibited by the developer and punished  by account ban. On the other hand, the more complex a game is, the more players play it and the more active is the evolution of a game, the less time administrators and moderators can dedicate to combating bugs exploitation.
As for EVE Online.
All the players present in the game can be seen in the local chat. Bots also monitor the chat so unexpectedness is very rare in the game. If one plays the game properly, the situation when his ship is suddenly surrounded by stronger ships and destroyed is nearly impossible. One can be caught on coming out of warp, or after a period of chase if the enemies' ships are faster, or shot down because of his own aggro that prevented warp.
However there is a bug in the EVE Online client (some say since 2004) which allows in some cases after logoff/logon to be not seen in the local chat. A player using this bug can play as usually, even use the chat, write and receive chat messages and remain completely unobserved.
And there is another bug – this one lets players see all the ships in a system and warp to any other ship.
Both of the bugs can be possibly permanently used. Some also believe there is a special patched EVE Online client which can control both of the bugs and use them when necessary. The bugs allow to quickly lock any ship and reach them unnoticed. There are 3 players (or maybe 3 characters of 1 person, possibly the creator of the client) - Goose Hypocrisy, lol internets, The Monkeysphere who have been catching very quickly and shooting down other players' ships lately.
So, there are bugs that can be used against players. Be careful.