Let me share my views on the theft of 1.5 billion yuan in assets from Bybit:

1) Compared with the fragile blockchain ecosystem where there was a security incident almost every three days from 2018 to 2019, we haven't heard of large-scale hacker attacks for a long time, so much so that we have confidence in the overall security deployment capabilities of the dark forest of blockchain.

But once the Bybit theft incident broke out, it was discovered that blockchain security issues will always accompany the consolidation and development of the blockchain ecosystem. Smart contract engineering implementation capabilities, local server system deployment capabilities, social engineering security awareness protection capabilities, etc., may be found by hackers at any time. Security weaknesses. Blockchain security issues should never be taken lightly.

2) Bybit has performed very well in spot trading volume, listing market strategy, user activity, etc. in the past year. It is in the process of recruiting troops, expanding its layout, and preparing for the battle. Such an unpredictable attack by hackers will more or less affect the momentum of continued advancement.

However, many people in the market compare this with the FTX bankruptcy incident. I think this is a bit too much. For the CEX exchange system, the impact of external security threats is far less fatal than the internal governance risks. Compared with the systemic collapse caused by FTX's "internal troubles", Bybit only needs time to resist external hacker attacks;

3) Many people are panicking that the "unlocking" of 1.5 billion will bring a lot of selling pressure to the market. Based on the experience of previous major hacker attacks, it is only the market confidence that is frustrated in the short term. The disorderly panic withdrawal and selling is the root cause of market fluctuations.

It is almost impossible for the huge amount of assets of 1.5 billion US dollars to flow out through CEX. It can only be separated through the mixer and then slowly digested on the chain in 1-3 years. Therefore, the market needs to remain vigilant, but there is no need to panic too much.