Coinbase 是加密 ETF 的最薄弱环节

今年早些时候比特币 ETF 的出现，以及随后以太坊 ETF 的首次亮相，都是加密行业的里程碑事件

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.

今年早些时候，比特币 ETF 及其以太坊 ETF 的首次亮相都是加密行业的里程碑事件，它们为最成熟的投资者提供了这些受监管的加密产品，并吸引了数十亿美元进入该行业。

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

然而，它们也正在成为黑客的主要目标，而 Coinbase 可能是最薄弱的环节。

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.

正如我们本周报道的那样，美国联邦调查局警告称，来自朝鲜的黑客现在正在转向针对 ETF。众所周知，这些黑客的目标是安全性往往不严格的 DeFi 项目；就在本周，DeFi 协议 Penpie 遭到黑客攻击，损失了 2700 万美元。黑客还瞄准了中心化交易所，虽然这些交易所往往具有更好的安全性，但它们持有的资金量足以让黑客针对一个目标进行数月的攻击。去年，Chainaanalysis 透露黑客窃取了 17 亿美元。

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?

所有目标的共同点是它们集中存储加密货币。 FBI 在最近的警告中抓住了这一点，指出黑客“对能够访问大量加密货币相关资产或产品的组织构成持续威胁”，还有什么比 ETF 能容纳更多的加密货币呢？

Coinbase the Weakest Link for Crypto ETFs

Coinbase 是加密 ETF 的最薄弱环节

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

正如福克斯商业新闻记者 Eleanor Terrett 指出的那样，Coinbase 垄断了 ETF 发行人持有的 BTC 和 ETH 的托管。

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

几乎所有加密货币 ETF 发行人的所有 BTC 和 ETH 都由同一个托管人，这并不是一个好兆头。这使得 @coinbase 成为潜在的单点故障，这很可怕。 https://t.co/47RNMQ5dQN

— Eleanor Terrett (@EleanorTerrett) September 4, 2024

— 埃莉诺·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 发行人的托管人，要么是 BlackRock、Grayscale 和 ARK 等公司的主要合作伙伴，要么是 Valkyrie 和 VanEck 等公司的次要合作伙伴。贝莱德 (BlackRock) 和灰度 (Grayscale) 是市场领导者，持有价值超过 400 亿美元的比特币。如果黑客成功突破 Coinbase 托管，理论上他将获得所管理的全部比特币 ETF 资产的 70% 以上，这可能会导致这个成立还不到一年的行业崩溃。

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 个以太坊 ETF 发行人中的 7 个的主要托管人，也是 GraniteShares、BlockFi 和 Simplify 等公司的主要或次要托管人。这 7 个 ETF 总共持有价值超过 130 亿美元的 ETH，从理论上讲，Coinbase 的违规行为将使黑客能够访问这些 ETF 中持有的总资产的 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:

虽然 Coinbase 可以说是最安全的加密平台，但正如纽约梅隆银行前数字资产主管 David Schwed 所总结的那样：

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.

让我担心的并不是 Coinbase 本身。该公司从未遭受过已知的黑客攻击，这解释了为什么如此多的传统机构信任其专业知识。

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，这并不意味着它是坚不可摧的，因为其他行业的一些较大公司在过去十年中也受到了打击，这表明没有公司能够幸免。施韦德评论：

“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.

“只要有足够的时间和资源，任何事情和任何人都可能受到损害。 Fox 的 Terrett 认为，如果政府通过修改 SAB 121 允许银行托管加密货币，那么这个巨大的漏洞就可以得到解决。SAB 121 是一项有争议的法律，对寻求托管数字资产的银行提出了巨大的要求。

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.

这就是为什么 SAB 121 应被废除的恰当例子。 @SECGov 不鼓励联邦监管的银行托管加密货币，从而缩小托管池，从而使它们更加中心化并可能容易受到攻击。

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

政府应该想要一个联邦监管的...... https://t.co/8EULtwXK4q

— Eleanor Terrett (@EleanorTerrett) September 4, 2024

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