Personal opinion: The "safety fairy tale" of cryptocurrency and the self-cultivation of leeks When Bitcoin was still complacent about the title of "digital gold", Bybit used an epic robbery to prove that in the cryptocurrency circle, the KPI of hackers may be more reliable than the PPT of the exchange CEO. ETH and stETH worth $1.5 billion (about 10.8 billion RMB) were "withdrawn with one click". This feat, which surpassed the theft of the Iraqi Central Bank, not only caused collective myocardial infarction among the old friends in the cryptocurrency circle, but also caused Ethereum to plummet by 6.7%, Bitcoin to fall by 3%, and 170,000 people to lose $570 million in positions - it turns out that the ultimate form of "decentralization" is to make everyone's wallet "decentralized" together.
Bybit’s official response is a textbook PR: “Customer funds are safe, other cold wallets are fine, and withdrawal channels are unobstructed.” But users obviously didn’t believe it, and staged a “withdrawal speed contest” overnight, fearing that if they were a step slower, they would become the protagonist of the next episode of “cold wallets become hot pot ants.” CEO Ben Zhou’s live broadcast comforted them with golden sentences: “We have raised 80% of the bridge loan!” Translated into vernacular, it probably means: “Dear, although the money is gone, we can borrow it, don’t panic!” (Inner OS: Borrowing new to repay old, why does this plot seem familiar?)
The most ironic thing is that Bybit once boasted that it was protected by a three-piece set of "cold wallet isolation, multi-signature, and real-time monitoring", but hackers easily cracked it by "modifying the logic of the smart contract". This makes people wonder: Are the security measures in the currency circle the same as gym membership cards - full of confidence when applying, but full of loopholes when using? What's even more magical is that the blockchain analysis company Elliptic is still painstakingly marking the hacker's address to "prevent funds from being cashed out through other exchanges", but the hacker has long been well versed in the "cunning rabbit has three burrows" and has hidden the stolen money in 51 addresses - this wave of operations, even the screenwriter of (Mission Impossible) is called an expert.
Professor Hilary Allen's complaint is even more accurate and heartbreaking: "Those who cheer when regulations are relaxed cry the loudest after being hacked." Free market enthusiasts may need to reconsider: when "code is law" becomes "hackers are God", should we leave a place for "police officers"?
Closing remarks:
Survival rules in the cryptocurrency world: Security statements of exchanges ≈ weather forecasts - just listen to them, remember to bring your own umbrella (cold wallet). Hacker economics: stealing 100 million is a crime, stealing 1.5 billion is called a "technological revolution", and it is recommended that the Nobel Prize add a "Best Vulnerability Exploitation Award".
The enlightenment of the leeks: trade in cryptocurrencies in a bull market, be spectators in a bear market, and occasionally watch the exchange crash - this is the real "hedging risk".
Finally, I suggest that Bybit burn incense and pray to Buddha before transferring money next time, or directly hire hackers as security consultants. After all, the only thing that can defeat magic is bigger magic.
