Author: Zuo Ye Waiboshan

The hacker was full, and the general smiled.

I came from Dandong and took your E. The general said nothing, but just took Bybit's Ethereum.

In encrypted memory, only Kraken has not had any serious security accidents. Only in 2019, there were cases where large investors were hacked and subsequently stolen assets. The Kraken main site never seems to have lost assets, of course, this may also be what Kraken PR does well.

Back to the 1.4 billion US dollar stolen by Bybit, the actual culprit should be the problem with the design of Safe's multi-sign contracts, which led to hackers breaking through layers of layers. Defensively, it ultimately successfully attacks the assets of cold wallets, and the configuration of cold wallet + multi-signature is already the highest security standard that the industry can provide.

The luck of the misfortune, except for CZ's "normal performance" as always, the remaining exchanges, OTCs and big players have expressed their support on the spot to stabilize After all, the leeks bear all the emotions of retail investors.

Ben Zhou is sad late at night, and the shadows are gone. The industry influence of Mentougou and FTX has saved Bybit.

After Mentougou was stolen, the entire crypto industry entered its first cold winter. At that time, the main trading currency was BTC, which was far less than the later altcoins and Memes. , one prospers and one loses.

In 2022, FTX was not stolen, but was cheated, SBF cheated users, and CZ cheated SBF, and it was also mixed with Sun Cuo's jokes as usual.

SBF claims that it has not misappropriated user assets, but the actual insolvency has caused difficulties for users to withdraw coins. FTX did not ban the stopping of coins as soon as possible, which led to The users' crazy bank runs made it even worse, or it may point out that Emperor Xinyi's CZ first expressed support for SBF, and even wanted to acquire FTX, and then said that FTX gave up the acquisition if it was insolvent.

In a blink of an eye, several tweets on CZ completely defeated FTX.

So when Ben Zhou saw CZ's comments, he should prohibit users from withdrawing coins as soon as possible, and CZ may really think that he was asking for good. Suggestions, but Ben Zhou wouldn't think so.

Off the extremely united second- and third-tier institutions collectively took the rescue, and the United States did not move, and the major companies and institutions did not speak, and a saturated rescue was staged overnight. .

Image description: Bitget supports ByBit Image source: @GracyBitget

Bitget supports 40,000 ETH, showing the friendship between peers As a rival struggling in second-tier exchanges, it is rare to stand together this time. Of course, there are rumors that the two have common shareholders, and even so, it is worthy of praise.

But the most critical Binance has not seen any substantial help except to express its support, and OKX just blindly Buidl its own wallet and The contract was reviewed over and over again.

The most surprising thing is that US regulators, such as the SEC, have also become silent this time. They are not so friendly. It seems that the rectification of the Chief Ma Trump's crypto-friendliness has indeed been implemented to the end, and both General and Wang Ming are now both winners.

Call back After Mentougou and FTX, Bybit's best response this time is the boss. It seems that being a self-media really does train people.

Traders who don't want to be KOLs are not good bosses

The huge benefit of the crypto industry is that they are flat, both inside and outside. Binance would have fired coins before and did not report The employees were originally dealing with the compliance actions of rat trading, which has now missed the entire on-chain era.

Bybit's flatness is to give up Bitget's star CEO and professional manager mechanism. The boss himself goes to the field to become an internet celebrity, and of course the big boss behind the scenes still maintains the sameAs always, Ben Zhou often shows himself in English KOL, and should be one of the most popular foreigners in Chinese exchanges, second only to CZ.

Image description: Top Gainer Picture source: Kaito

But there was also an unexpected surprise. Ben Zhou's Kaito rose rapidly, surpassing Coinbase Armstrong. It is really a blessing from the exchange that Twitter has contributed a lot of Crypto traffic to Musk.

The emphasis on traffic is also a huge plus point for Bybit this time. It can even be said that the first priority of crisis public relations is to remain calm and open. Of course, the premise is to have the capital to deal with it calmly. Speaking of which, First, I would like to thank the hacker. The cold wallet was 4.2 billion USDT. Because Tether will freeze; second, I would like to thank SBF. It was after the FTX incident that major exchanges had received PoR asset reserve certificates.

This rescue Bybit also proves the effectiveness of the PoR mechanism. Major exchanges have indeed divided their own assets and user assets. They may also have to thank Vitalik. After all, the great development of ZK technology and he has also Inseparable from it.

After 48H of the crisis, Bybit maintained the market's confidence in itself and ETH, but the problem was not resolved. Binance was fined 4.2 billion and was accused of frequently "best friend" coins. , Bybit may take years to maintain its market position and regain institutional customer confidence.

The old topic is that the source of profits of an exchange is user customer losses. In the models of asset management and pledge, the profits of the exchange can come from the chain, which at least theoretically avoids customer losses. accusations as a source of profit.

But this was the past, before huge financial losses, any means could occur. Next, it depends on Bybit's heart is stable and whether he is willing to spend another cycle to establish normal income. Model.

DEX Flip CEX Opportunities?

Theoretically, after the CEXs crisis, new traffic will flow in DEXs. After all, Not Your Keys, Not Your Coins are still in your ears, but today, the problem is very complicated. If it is a coin hoarding party that keeps its cold wallet, then it is indeed Safety.

For on-chain tools and trading products, Only OKX Web3 wallet is a non-custodial wallet, that is, the private key is the only credential for accessing and controlling cryptocurrencies. Mastering the private key means fully owning the assets in the wallet. As long as the private key is not leaked, there will never be any problems. Security is Cryptography guaranteed.

But for most transaction products, custodial wallets are the norm, the reasons are not complicated, the efficiency is higher, user transactions will be smoother, and security and efficiency can never be achieved at the same time.

Image description: DEX to DEX ratioImage source: The Block

Especially for trading tools that focus on multi-chain and multi-currency, as well as many TG Bots, they basically adopt the strategy of reducing security and changing CEX. Even Hyperliquid responded to general's hackers last year. .

The exchange can defend against 100 times, but the hacker only needs to succeed 1 time, air defense, nine out of ten defenses.

In the current compensation cases, both Mentougou and FTX can enter the compensation process. On the contrary, it is difficult for DEXs to retrieve stolen assets, such as the recent DEXX.

What's more serious is that all security cannot last long. Curve decided to die in the contract, but he didn't expect that the programming language that wrote the contract would have problems. In the end, users can only be encouraged to migrate assets and rewrite the contract. Personally, this is already the safest way for DEXs to do, and it still cannot stop the "difficult" hackers.

Conclusion

Humans do not thank Luo Ji, and users do not only have Bybit, but they are only worried. The dark forest on the chain has long adhered to social Darwinism. Bybit is stolen is social news, and they are hacked every day. The retail investors attacked are even worse, and they don’t even have news. I empathize with it. This is the reason why retail investors sympathize with Bybit.