[ARK Invest Head of Research: Hacking Costs are a Hidden Transaction Tax Ultimately Paid by Users] According to Odaily, Lorenzo Valente, Head of Digital Asset Research at ARK Invest, stated that cryptocurrency hacks actually constitute a hidden transaction tax and value storage cost, similar to theft in the retail industry. The losses are ultimately passed on to users through cost pricing. Every hack weakens the competitiveness of crypto networks. Data shows that since 2018, the average annual market capitalization loss due to hacks in the crypto industry has been 24 basis points (0.24%) of the total market capitalization, while the average annual loss due to fraud in the US banking system is only 1.7 basis points (0.017%), a difference of approximately 14 times.