OneKey founder Yishi Wang believes BlackRock’s $62 billion spot Bitcoin ETF, IBIT, could be on North Korean attackers’ list following the $6 billion Binance hack. The fund held roughly 815,000 BTC on October 29, nearly 4% of Bitcoin’s maximum supply, with Coinbase serving as its primary custodian. The Bybit and Binance hacks showed that attackers can steal crypto by compromising signing interfaces or transaction approval systems without extracting private keys. BlackRock has not moved IBIT’s assets to another custodian despite appointing Anchorage Digital, and no compromise of Coinbase or IBIT has been established. Nevertheless, the fund’s concentration, Coinbase’s liability limits and the absence of a centralized mechanism to freeze stolen Bitcoin leave investors exposed to losses that may not be fully recovered.
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