OneKey founder Wang warned that BlackRock’s IBIT could become a target for North Korean hackers, but the source reports no attack on the fund. He said IBIT held about 815,000 BTC worth nearly $63 billion with Coinbase as its sole custodian, creating a risk if that custodian’s security failed.
Wang estimated that an attack like the reported Binance breach could erase 9.5% of IBIT’s assets, or about $4 per share at current valuations. He said stolen BTC could not be frozen as stablecoins can, and that Coinbase’s $320 million in criminal insurance is shared across customers, while custody agreements limit liability to $100 million per cold-storage address. Binance’s initial investigation pointed to a possible employee-laptop compromise in an incident with an estimated $6.3 billion impact.
