Jason Huang

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I suspect IBIT is already on North Korea’s shortlist. In February 2025, the attackers behind the Bybit hack compromised a Safe{Wallet} developer’s Mac through a malicious project disguised as legitimate Docker-related tooling. They had access for 17 days before the theft, giving them enough time to manipulate the transaction interface used by Bybit’s signers. The signers believed they were approving a legitimate transaction. Instead, they unknowingly authorized the theft of $1.5 billion from a cold wallet. The keys could stay offline while the signers approved a theft through a compromised interface. TRM Labs attributes the recent Binance incident with high confidence to TraderTraitor, the North Korean group also linked to Bybit and the theft of 4,502.9 BTC from DMM Bitcoin. Binance’s preliminary investigation points to a compromised DevOps engineer’s laptop as the entry point. Binance says there’s no evidence that private keys were leaked, while TRM’s analysis suggests the attackers may have gained control of the signing infrastructure. If confirmed, the attackers could have moved funds through a compromised approval process without extracting the keys. Now imagine the same thing happening to IBIT. BlackRock’s IBIT is the world’s largest Bitcoin ETF, holding roughly 815,000 BTC worth around $63 billion. Coinbase remains its active Bitcoin custodian. Although Anchorage Digital has been appointed as an additional custodian, the fund’s latest quarterly filing says there are currently no plans to transfer any Bitcoin there. That’s an extraordinary concentration of Bitcoin under one custodian. Regardless of how large or well-funded that provider is, a critical failure in its security infrastructure could put the entire fund at risk. A $6 billion theft would wipe out roughly 9.5% of IBIT’s assets, equivalent to around $4 per share at current valuations. Binance managed to freeze some stolen stablecoins. Bitcoin has no such mechanism, making stolen BTC far harder to recover. BlackRock doesn’t separately insure the Bitcoin held by the fund. Coinbase has disclosed $320 million in commercial crime insurance coverage, shared across its customers. Its custody agreement also limits liability to $100 million per cold storage address, with any recovery subject to contractual terms, liability determinations, and other conditions. If a major theft occurred and the fund couldn’t recover the Bitcoin or obtain sufficient compensation, the remaining losses would ultimately be borne by IBIT shareholders. Bitcoin ETFs have made owning Bitcoin much more accessible, and there’s real value in that convenience. But as more capital flows into these products, enormous amounts of Bitcoin are also being concentrated among a handful of custodians and the infrastructure they depend on. The larger these pools become, the more attractive they are to attackers. A compromise at any critical point could have consequences far beyond a single institution. And that’s why security has no finish line. Even the most sophisticated cold storage setup still depends on hardware, software, supply chains, signing workflows, and the people operating them. Keeping private keys offline is essential, but it doesn’t eliminate the risks surrounding the transaction approval process. Spread your assets across independent custody setups. Keep your private keys offline. Verify transaction details on a trusted device screen, independently of the computer initiating the transaction. Continuously review your security architecture, and build it around the assumption that some part of your infrastructure will eventually be compromised. There are no silver bullets in security, and no permanent guarantees. Stay vigilant, keep verifying, and never mistake a clean track record for proof that you’re safe. Bunker mode.

In 2023, after news of the $4 billion fine, Gulf, our partner in Thailand, asked: “do you need help with cash liquidity?” We didn’t, but I appreciated the gesture. Today: “know you can cover, but we are here if needed.” Strong partners show in tough times. 🙏

Binance has begun recovering affected assets for users and continues to work with law enforcement, issuers, blockchain intelligence firms and industry partners to trace, freeze and recover additional funds. The company has already publicly committed to cover losses through company funds in the prior announcement. Binance has already reserved over $6.34B of company funds to cover this incident. $5B of these funds are already held in the exact token assets that were impacted. We are completing the purchase of the remaining amount by buying token assets through market channels and OTC channels. We are doing this to match the format of the remaining token assets and address any asset shortfalls. This step can take longer because some tokens may have low liquidity and OTC settlement also takes time. We will share more progress as soon as we can. These figures do not include frozen or protected assets, which remain subject to ongoing recovery and verification. Currently, $3bn has been frozen, with thanks to our industry partners. We are working with partners and law enforcement to recover the frozen assets.We will continue to use company resources to cover confirmed shortfall and will provide further verified updates as recovery efforts progress. Ultimately, all user funds will be verified publicly through our Proof of Reserves. We will weather this storm. Thank you for the support.

刚睡醒，才发现币安@binance 被盗了。 整体现在如果只是从价格上看，我感觉市场并没有太在意币安被盗这事。说白了，如果扣掉稳定币被冻结的部分，20 几亿美元的净流出，我感觉可能还不到币安一年的净利润，从受创程度来讲就还好。 而且貌似这次舆论控制得挺不错，中文圈的 KOL 们可能大部分自己的钱也在币安吧，就没有太去 FUD，所以好像发酵不动。如果连币安这么大的交易所被盗，比特币也就从 8 万出头跌到 78,000，非常可以接受呀。貌似如果有钱应该抄底，纯粹自己个人拍脑袋的感觉。 不过这个最终其实都看宏观吧。我个人感觉中期选举以后，民主党对特朗普支持的政策可能都会先后开刀，不知道是先开 crypto 还是先开 AI，感觉开 AI 逻辑更合理一点点：AI 抢走了普通民众的工作，抢走了电源，让电费上涨，好像这个叙事更强烈一点。 总之祝各位好运

目前看来风险被控制住了，也相信Binance能够妥善解决，行业一起共度难关🫶 Infini于本次事件中没有任何资金安全的影响，资管策略也运行正常无回撤，可以放心。唯一影响的是某些跨链的操作是基于币安账户进行的，需要等待币安恢复提现，因此部分链的提现会延迟到账，其他链不受影响。 对于任何金融产品来说，资金安全都是重中之重，我们近期也在不断优化平台和客户账号的安全措施，我们的mpc钱包由 @Safeheron 提供，所有大额提现均需风控团队人工审核，尽可能避免这种情况。虽然效率上可能慢一些，平常也经常遇到部分客户抱怨提现速度，但是为用户的资金安全负责才是我们最重要的事情，也希望大家谅解🙏

分享crcl 定投crcl 比分享空气币良心太多了 且不说未来crcl能不能涨那么多 至少从分享的初心及标的的选择看 crcl不是山寨币控盘股 我没有那种实力 控盘一家几百亿美金的公司 喊你来接盘 如果你真的听了我的话 100-200亿定投 成本也就80以内 买入成本应该和我或者大部分人差不多 因为实打实我怎么买我都说了 我也是这么做的 crcl是usdc的发行方 它表面的利润来自于美债收益 你把usd给他 他给你usdc 他拿着你给他的usd去买了美债 类似你支付宝微信里面的零钱 蚂蚁金融或者微信支付拿去买了国债 但更深入一点 支付从纸币到网银到手机银行 将进入成本更低信誉更高的 由稳定币打造下一代支付系统 这个范式转移下 当前的和规稳定币龙头crcl具备超强成长空间 并不是说usdc一定就是几万亿美金发行规模 crcl一定就是一万亿市值的公司 就像前几年的tsla一样 在无数个平行宇宙里 可能也有tsla倒闭了 但是基于大概率它的市占率发展 tsla会受益新能源车的普及而崛起 简单说 如果你认为稳定币这个赛道没问题 crcl就有25%的概率（市占率） 成为万亿美金的公司 当前200亿美金的市值 相当于你每投入1美金 潜在有机会获得12.5美金的收益 当然你也有75%的概率 这1美金本金可能亏掉部分或全部

今年没去Token2049，和 @MarketCardsHQ 一起来到了澳门亚洲超级收藏家大会，参加卡展了。 从举办规模到，参与人员的奢华程度，球星卡玩家的消费力完全不逊色于币圈。 @Jhy256 今天花了几千美金买卡盒，我和 @charlotte_zqh @_jimmy_chang 大家一起拆卡来玩。 这段时间接触球星卡圈子，最大的感受是，拆卡盒是一个亏损很大的“消费行为”。花四五千美金拆卡，到手的卡可能只值几百到一千美金，剩下10-20%。 明明经常亏钱，为什么还是有人蜂拥而至？ 我觉得大家买的是情绪价值。你不知道下一包会开出哪个球星、什么等级，开到好卡那一下会有额外的成就感。 我自己也玩合约，说实话，抽卡的刺激感一点不输给合约（这两天会场好几个人拆出了20-30万的卡牌）。合约可能翻倍也可能归零，球星卡同样有机会拿到 10 倍。 但合约只有数字，亏到归零就什么都没了。拆卡包就算只剩十分之一的价值，卡还拿在手上，有情绪价值也有收藏价值。 很多时候虽然亏了钱，但拿到了自己喜欢的球星，还是会觉得物超所值。 但是！拆卡盒的磨损/成本太高，单笔磨损80%，拿到的一堆卡要变现非常麻烦，需要去卡展售卖，或者ebay上挂单。 这也是我们做 @MarketCardsHQ 的原因。 在 MarketCards 上抽卡，一样有开卡的刺激和 10 到 20 倍的潜在收益 - 抽到喜欢的卡可以寄回家收藏 - 不喜欢的直接 85 折卖掉 - 平台上也不会抽到完全没价值的卡，比如花 $50 怎么抽都能保底拿到 $30 的卡，不会出现特别夸张的亏损。 最近两周我们还上线了苹果卡机活动，$70 抽一次，可能抽到篮球卡，也有机会直接抽到 iPhone Duo，感兴趣的朋友可以来玩玩！

纽约时报对 @cz_binance 最新的采访， 有不少以前不知道的细节，摘一些比较有意思的： 1. 外界估计 CZ 身家 1140 亿美元，但 CZ 坚称真实数字只有 100-300 亿美元，还说其实 1000 万美元就足够自己舒服生活 2. CZ 在阿布扎比的这栋房子价值 500 万美元，有 9 个卧室、4 名保镖、私人厨师和一艘名叫 Da Moon 的游艇。他说附近有房子挂牌价 1.5 亿美元 3. CZ 以前经常在播客里提到房子漏水，这次记者去了他家，他真的带记者看了被水损坏的地板和变色的天花板 4. 家里有昂贵的 Steinway 三角钢琴，放在儿童游戏室里，CZ 告诉记者，是「贵的那种」，但他不会弹 5. 大家都知道 CZ 是 2013 年卖掉上海的三居室，All In 买了比特币。这次在采访中爆料了具体数字：房子卖了 900,000 美元，全部买成了 BTC 6. Binance 创立后几个月就成为全球最大 Crypto 交易所，并迅速做到 10 亿美元净利润 nitter.cf/Sea_Bitcoin/status/194… 7. CZ 称 FTX 崩盘让 Binance 手上的 FTT 损失了 5 亿美元 8. 知道自己要坐牢后，他专门组建了一支「坐牢顾问」团队，教他如何适应监狱里的规则和人际关系 9. CZ 坐牢的那个监狱，也是 SBF 后来被安排的同一个联邦监狱园区 10. 他在监狱里组织了一个「股票研究小组」。监狱电视可以看 CNBC，CZ 和其他囚犯一起追踪股票价格，有人问他「Bitcoin 为什么涨」，CZ 回答「我也不确定」 11. 从走出监狱到坐上私人飞机并起飞，只用了 26 分钟 12. 第一次认真考虑定居 UAE，政府部长几小时内就来见他，还叫来医生完成签证血检，Golden Visa 不到 12 小时就批了，普通人需要了几个星期 13. UAE 不会向美国引渡自己的公民，是 CZ 入籍的一个重要因素。他甚至认真考虑过：如果与美国司法部谈不拢，就留在 UAE 当逃犯。但他最终还是选择认罪，币安支付了 43 亿美元罚款 14. MGX 投资币安的 20 亿美元，CZ 原本希望直接用 BTC 支付 (当时估值 750 亿美元)，但 UAE 方面担心 BTC 波动太大，最终交易使用了 USD1 (nitter.cf/Sea_Bitcoin/status/193…)。后来，CZ 把收到的 USD1 换成了 BTC 和其它资产 15. CZ 投资了一家研究 Artificial Wombs (人工子宫) 的创业公司 16. CZ 长期受慢性疼痛的困扰，经常平躺在床上工作。有一次伊朗向 UAE 发射导弹，他正在床上工作，窗户震动，他去阳台看到天空中的烟迹，然后回床上继续工作 17. CZ 有两条狗，一条比利时马里努阿犬叫 Broccoli，因为听起来有点像在念 blockchain；另一条中亚猎犬，是吉尔吉斯斯坦总统送给他的