OneKey Founder Claims IBIT May Be Targeted by North Korean Hackers, High Risks of BTC Custody

OneKey founder Yishi analyzed that IBIT may have become a potential target for North Korean hackers. In the February 2025 Bybit hacking incident, attackers infiltrated the computers of Safe{Wallet} developers by disguising themselves as legitimate tools, gaining 17 days of access and stealing $1.5 billion. Yishi pointed out that TRM Labs believes the Binance incident is related to TraderTraitor, which is also connected to the theft incidents involving Bybit and DMM Bitcoin. Although Binance stated there is no evidence of private key leakage, TRM believes that the attackers may have controlled the signature infrastructure. Yishi mentioned that BlackRock's IBIT holds approximately 815,000 BTC, valued at about $63 billion, with Coinbase as its active Bitcoin custodian and Anchorage Digital designated as an additional custodian. However, the latest quarterly documents show no plans to transfer Bitcoin. This high concentration of Bitcoin under a single custodian poses significant risks; if a major theft occurs and the fund cannot recover the Bitcoin, the losses will be borne by IBIT shareholders. Yishi recommends diversifying assets to independent custodians, keeping private keys offline, verifying transaction details on trusted devices, and continuously reviewing security architecture.

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