Binance was hacked by North Korean hackers, losing approximately $3.3 billion. Elon Musk seized the opportunity to mock cryptocurrencies, saying hackers are only the least of the risks. Further back, a large amount of Bitcoin held by a certain Chen was seized by the US, causing the price of cryptocurrencies to plummet. The notions of "private keys guarantee security" and "decentralization makes it inviolable" suddenly became a joke. So where exactly is the security of crypto assets? Let's start with a counterintuitive fact: The hackers got the money but dared not touch it. Tens of thousands of Bitcoins, watched by everyone on the blockchain, remained unspent. It wasn't a technical issue; it was because they couldn't spend them. Bitcoin doesn't have a freezing function; once stolen, it's yours. But every transaction is visible to the whole world, leaving an indelible mark. This money is already marked as dirty money, always bearing a red label. Converting it to cash would expose it; it can only lie dormant. Visible, intangible, and unspendable. So transparent that even thieves are trapped. Being able to steal doesn't mean you can launder it. Let's look at the attitude of decentralized believers: Before the incident: Why does Tether have the right to freeze USDT arbitrarily? After the incident: Thank goodness Tether could freeze it The truly terrifying thing isn't the theft itself, but the possibility that one day the entire blockchain could instantly shut down and be converted into unregulated currency. Therefore, long-term risks are never just about hackers, but also variables like quantum computing and Satoshi Nakamoto's wallet. 3.3 billion has become a hot potato. Quite ironic.