Coinbase 是加密 ETF 最薄弱的環節

今年稍早比特幣 ETF 的出現，以及隨後以太坊 ETF 的首次亮相，都是加密產業的里程碑事件

The debut of Bitcoin ETFs earlier this year, and their Ethereum counterparts were both landmark events for the crypto sector, availing these regulated crypto products to the most sophisticated investors and attracting billions of dollars into the sector.

今年早些時候，比特幣ETF 及其以太坊ETF 的首次亮相都是加密行業的里程碑事件，它們為最成熟的投資者提供了這些受監管的加密產品，並吸引了數十億美元進入該行業。

However, they are also emerging as major targets for hackers, and Coinbase could be the weakest link.

然而，它們也正在成為駭客的主要目標，而 Coinbase 可能是最薄弱的環節。

As we reported this week, the US FBI warned that hackers from North Korea are now shifting gears to target ETFs. These hackers have been known to target DeFi projects whose security tends to be lax; just this week, Penpie, a DeFi protocol, was hacked and lost $27 million. Hackers have also targeted centralized exchanges, and while these tend to have better security, the amount of money they hold is enough to have the hackers working on one target for several months. Last year, Chainalysis revealed that hackers made away with $1.7 billion.

正如我們本週報道的那樣，美國聯邦調查局警告稱，來自北韓的駭客現在正在轉向針對 ETF。眾所周知，這些駭客的目標是安全性往往不嚴格的 DeFi 專案；就在本週，DeFi 協議 Penpie 遭到駭客攻擊，損失了 2,700 萬美元。駭客也瞄準了中心化交易所，雖然這些交易所往往具有更好的安全性，但它們持有的資金量足以讓駭客針對一個目標進行數月的攻擊。去年，Chainaanalysis 透露駭客竊取了 17 億美元。

The one thing all the targets have in common is that they centralize the storage of crypto. In its recent warning, the FBI captured this, noting that the hackers are “a persistent threat to organizations with access to large quantities of cryptocurrency-related assets or products,” and what could hold larger quantities of crypto than ETFs?

所有目標的共同點是它們集中儲存加密貨幣。 FBI 在最近的警告中抓住了這一點，指出駭客“對能夠訪問大量加密貨幣相關資產或產品的組織構成持續威脅”，還有什麼比 ETF 能容納更多的加密貨幣呢？

Coinbase the Weakest Link for Crypto ETFs

Coinbase 是加密 ETF 最薄弱的環節

As Fox Business reporter Eleanor Terrett notes, Coinbase has monopolized the custody of BTC and ETH held by the ETF issuers.

正如福克斯商業新聞記者 Eleanor Terrett 指出的那樣，Coinbase 壟斷了 ETF 發行人持有的 BTC 和 ETH 的託管。

It doesn’t bode well that nearly all crypto ETF issuers have the same custodian for all their $BTC and $ETH. This makes @coinbase a potential single point of failure and that’s scary. https://t.co/47RNMQ5dQN

幾乎所有加密貨幣 ETF 發行人的所有 BTC 和 ETH 都由同一個託管人，這並不是一個好兆頭。這使得 @coinbase 成為潛在的單點故障，這很可怕。 https://t.co/47RNMQ5dQN

— Eleanor Terrett (@EleanorTerrett) September 4, 2024

— 埃莉諾·特雷特 (@EleanorTerrett) 2024 年 9 月 4 日

For context, Coinbase is the custodian for eight of the BTC ETF issuers, either as the primary partner for the likes of BlackRock, Grayscale and ARK, or the secondary partner for the likes of Valkyrie and VanEck. BlackRock and Grayscale are the market leaders, holding over $40 billion worth of BTC. If a hacker managed to breach Coinbase Custody, he would theoretically access over 70% of the entire Bitcoin ETF assets under management, potentially collapsing an industry that’s not even one year old.

就背景而言，Coinbase 是八家 BTC ETF 發行人的託管人，要么是 BlackRock、Grayscale 和 ARK 等公司的主要合作夥伴，要么是 Valkyrie 和 VanEck 等公司的次要合作夥伴。貝萊德 (BlackRock) 和灰階 (Grayscale) 是市場領導者，持有價值超過 400 億美元的比特幣。如果駭客成功突破 Coinbase 託管，理論上他將獲得所管理的全部比特幣 ETF 資產的 70% 以上，這可能會導致這個成立不到一年的行業崩潰。

Coinbase is also the primary custodian for seven of the eight Ethereum ETF issuers, again either as the primary or secondary custodian for the likes of GraniteShares, BlockFi and Simplify. Together, these seven ETFs hold over $13 billion worth of ETH, and a breach of Coinbase would theoretically give the hackers access to over 90% of the total assets held in these ETFs.

Coinbase 也是 8 個以太坊 ETF 發行人中的 7 個的主要託管人，也是 GraniteShares、BlockFi 和 Simplify 等公司的主要或次要託管人。這 7 個 ETF 總共持有價值超過 130 億美元的 ETH，從理論上講，Coinbase 的違規行為將使駭客能夠存取這些 ETF 中持有的總資產的 90% 以上。

While Coinbase is arguably crypto’s most secure platform, as David Schwed, the former head of digital assets at BNY Mellon, sums it up:

雖然 Coinbase 可以說是最安全的加密平台，但正如紐約梅隆銀行前數位資產主管 David Schwed 所總結的那樣：

It’s not Coinbase itself that worries me here. The firm has never been hit by a known hack, which explains why so many traditional institutions trust its know-how.

讓我擔心的並不是 Coinbase 本身。該公司從未遭受已知的駭客攻擊，這解釋了為什麼如此多的傳統機構信任其專業知識。

However, that doesn’t make it impenetrable, as some bigger companies in other industries have also been hit in the past decade, showing that no company is immune. Schwed comments:

然而，這並不意味著它是堅不可摧的，因為其他行業的一些較大公司在過去十年中也受到了打擊，這表明沒有公司能夠倖免。施韋德評論：

“Anything and anyone can be compromised, given enough time and resources. Fox’s Terrett argues that this massive vulnerability could be resolved if the government allows banks to custody crypto by amending SAB 121, a controversial law that places immense requirements on banks that seek to custody digital assets.

「只要有足夠的時間和資源，任何事情和任何人都可能受到損害。 Fox 的 Terrett 認為，如果政府透過修改 SAB 121 允許銀行託管加密貨幣，那麼這個巨大的漏洞就可以解決。

This is case in point for why SAB 121 should be repealed. The @SECGov is discouraging federally regulated banks from custodying crypto, narrowing the custodian pool, thus making them more centralized and potentially vulnerable.

這就是為什麼 SAB 121 應被廢除的恰當例子。 @SECGov 不鼓勵聯邦監管的銀行託管加密貨幣，從而縮小託管池，使它們更加中心化並可能容易受到攻擊。

The government should WANT a federally regulated… https://t.co/8EULtwXK4q

政府應該想要一個聯邦監管的... https://t.co/8EULtwXK4q

— Eleanor Terrett (@EleanorTerrett) September 4, 2024

— 埃莉諾·特雷特 (@EleanorTerrett) 2024 年 9 月 4 日