[OneKey Founder: Suspects BlackRock's IBIT Has Been Included in North Korea's Hack Target List; Large Bitcoin Concentration in a Single Custodian Makes it Difficult to Resist Risk] BlockBeats reported on October 30th that OneKey founder Yishi posted on social media that he suspects BlackRock's Bitcoin spot ETF, IBIT, has been included in North Korea's attack target list. Yishi stated that the attackers behind the previous Bybit hack compromised a SafeWallet developer's Mac computer through a malicious project disguised as a legitimate Docker-related tool. They had been lying in wait for 17 days before the theft, giving them ample time to manipulate the trading interface used by Bybit signers. The signers believed they were approving a legitimate transaction. However, they unknowingly authorized the theft of $1.5 billion from a cold wallet. Even if the private key remains offline, signers could still approve a theft through a compromised interface. BlackRock's IBIT is the world's largest Bitcoin ETF, holding approximately 815,000 BTC, worth about $63 billion. Coinbase remains its active Bitcoin custodian. Although Anchorage Digital has been designated as an additional custodian, the fund's latest quarterly filing indicates there are currently no plans to transfer any Bitcoin to that platform. Concentrating such a massive amount of Bitcoin in the hands of a single custodian is extremely rare. No matter how large or well-funded the provider, a serious failure in its security infrastructure could put the entire fund at risk. A $6 billion theft would wipe out approximately 9.5% of IBIT's assets, equivalent to a loss of about $4 per share at current valuations. Binance successfully froze some of the stolen stablecoins. Bitcoin lacks this mechanism, making stolen BTC extremely difficult to recover. BlackRock did not separately insure the Bitcoin held by the fund. Coinbase disclosed $320 million in business crime insurance coverage, shared by its customers. Its custody agreement also stipulates a liability cap of $100 million per cold storage address, with any recovery subject to contractual terms, liability determination, and other conditions. In the event of a major theft, and if the fund is unable to recover the Bitcoin or obtain sufficient compensation, the remaining losses will ultimately be borne by IBIT's shareholders. Bitcoin ETFs make holding Bitcoin much easier, and this convenience has tangible value. However, as more funds flow into these products, massive amounts of Bitcoin are being concentrated in the hands of a few custodians and the infrastructure they rely on. The larger these pools of funds, the more attractive they become to attackers. The consequences of any critical node being compromised could extend far beyond the reach of a single institution. [Original Link]