拜比特（Bybit）的$ 900000 BTC盜竊從埃塞納（Ethena）的角度盜竊：最簡單的事實是，金錢不在交流中

2025年2月21日，拜比特（Bybit）遭受了災難性的黑客事件，失去了170,000 BTC，價值約為900000美元。

February 21, 2025, is destined to be written into the annals of cryptocurrency history.

2025年2月21日，注定要寫入加密貨幣歷史的紀事中。

In the following 24 hours, the price of Bitcoin plummeted multiple times, briefly falling below $95,000 per coin, and panic spread throughout the market. According to incomplete statistics, over 170,000 investors worldwide were liquidated, suffering heavy losses.

在接下來的24小時內，比特幣的價格多次下降，短暫跌至每枚硬幣95,000美元以下，並在整個市場中散佈恐慌。根據不完整的統計數據，全世界有17萬名投資者被清算，遭受了巨大的損失。

"Money is not in the exchange": The simplest truth

“金錢不在交流中”：最簡單的真相

For users in the crypto space, an exchange being hacked is the nightmare they least want to see. Once assets are stored in an exchange, there is a risk of being "taken all at once." However, Ethena's approach is somewhat different; they have adhered to a principle from the very beginning: assets supporting USDe are absolutely not stored in exchanges.

對於加密空間中的用戶，被黑客入侵的交換是他們最不想看到的噩夢。一旦將資產存儲在交易所中，就有一種“一次全部收購”的風險。但是，埃塞納的方法有些不同。他們從一開始就遵守了一個原則：支持USDE的資產絕對沒有存儲在交流中。

This seems like common sense, but it requires great courage in the pursuit of high returns and a decentralized crypto world. Ethena chooses to have assets custodied by a third-party custodian, Copper, and only connects to exchange liquidity through Copper ClearLoop when trading is necessary. The settlement process is completed internally within the custodian, and funds do not leave the custodian. In simple terms, it's as safe and efficient as "paying with a digital wallet while the money stays in the bank account."

這似乎是常識，但是在追求高回報和分散的加密世界時，它需要極大的勇氣。 Ethena選擇擁有由第三方保管人，銅託管的資產，並且僅在需要交易時通過銅透明盧比與流動性進行交換。和解過程在託管人內部完成，資金不會離開託管人。簡而言之，它與“在銀行帳戶中付款時用數字錢包付款”一樣安全有效。

The brilliance of this design lies in the fact that even if something happens to the exchange, the user's core assets will not be directly exposed to risk. This model proved to be very helpful during the Bybit hacking incident. Ethena's supporting assets were completely absent from Bybit, avoiding direct losses. More importantly, it enabled the swift transfer of a $30 million hedge position from Bybit to other platforms, making the entire process feel like "changing defenses on the battlefield"—when the old position fell, the new defense was already in place, showcasing remarkable flexibility. This inevitably leads one to ponder: if more projects could adopt this approach, would there be fewer days of anxiety?

這種設計的才華在於一個事實，即，即使交易所發生了一些事情，用戶的核心資產也不會直接承受風險。事實證明，該模型在Bybit Hacking事件中非常有幫助。埃塞納（Ethena）的支持資產完全沒有拜比特（Bybit），避免了直接損失。更重要的是，它使從Bybit迅速轉移了3000萬美元的對沖職位到其他平台，這使整個過程感覺就像是“改變戰場上的防守” - 當舊位置下降時，新的防禦已經到位，展現出了顯著的靈活性。這不可避免地會導致人們思考：如果更多的項目可以採用這種方法，會有較少的日子焦慮嗎？

Ethena's configured positions before and after the Bybit attack

埃塞納（Ethena）在Bybit攻擊之前和之後的配置位置

$120 million/hour redemption wave: The ultimate test of pressure

1.2億美元/小時贖回波：壓力的最終測試

Ethena's timeline after the Bybit attack

埃特納（Ethena）的時間表在拜百比攻擊之後

Panic is contagious.

恐慌是傳染性的。

As Bybit users began to withdraw funds frantically, the stablecoin market also surged.

隨著BYBIT用戶開始瘋狂撤回資金，Stablecoin市場也飆升。

Data shows that USDe redemption requests exceeded $120 million within an hour, equivalent to 15 times the protocol's daily redemption volume. However, Ethena's response speed was surprising.

數據顯示，USDE贖回請求在一個小時內超過1.2億美元，相當於協議每日贖回量的15倍。但是，埃塞納的響應速度令人驚訝。

Within 10 minutes of the event confirmation, its liquidity buffer expanded urgently from $30 million to $250 million, as if a dam was built in an instant before a flood.

在事件確認的10分鐘內，其流動性緩衝區緊急從3000萬美元擴大到2.5億美元，就好像大壩是在洪水前的瞬間建造的。

USDe price and redemption situation on that day

當天的USDE價格和贖回情況

This operation was backed by a pre-established emergency mechanism: when market volatility exceeds a threshold, the system automatically triggers liquidity reserve mobilization.

該操作得到了預先建立的緊急機制的支持：當市場波動超過閾值時，系統會自動觸發流動性儲備的動員。

Ultimately, the secondary market price of USDe only briefly deviated from the pegged exchange rate by less than 0.5%, quickly returning to around $1. Meanwhile, other stablecoins generally experienced a discount of 1%-3%.

最終，USDE的二級市場價格僅短暫地偏離了固定的匯率不到0.5％，迅速返回到1美元左右。同時，其他Stablecoins通常經歷了1％-3％的折扣。

"It's like when a plane encounters turbulence, and passengers find the oxygen masks automatically drop down."

“就像飛機遇到湍流時，乘客發現氧氣面具會自動下降。”

Transparent communication: Letting users feel secure

透明的通信：讓用戶感到安全

There is an unspoken rule in the crypto space: when something goes wrong, project parties either remain silent or speak ambiguously, leaving people guessing for a long time. This time, Ethena took the opposite approach, issuing three announcements within the golden hour after the attack.

加密貨幣空間中有一個不言而喻的規則：當出現問題時，項目各方要么保持沉默或含糊不清，使人們猜測很長時間。這次，Ethena採取了相反的方法，在襲擊發生後的黃金小時內發布了三個公告。

Confirming zero risk exposure for core assets;

確認核心資產的零風險敞口；

Disclosing that the $30 million unrealized profit with Bybit was affected;

透露，與BYBIT的3000萬美元未實現的利潤受到了影響；

Providing real-time updates on position migration progress.

提供有關位置遷移進度的實時更新。

They continued to update progress until this portion of risk was eliminated, and even Copper came out to confirm that the settlement was fine.

他們繼續更新進度，直到消除這一風險為止，甚至銅出來以確認和解很好。

This transparent approach, though simple, was very effective. When users saw the custodian Copper personally verifying asset safety and on-chain data showing real-time position transfer progress, panic was quickly replaced by rationality. In contrast, Bybit's crisis communication was also handled well; the two sides complemented each other, making the storm seem less frightening. This also leads one to think: previously, it was always believed that information disclosure would expose weaknesses, but now it is realized that sincerity is the greatest moat.

這種透明的方法雖然很簡單，但非常有效。當用戶看到託管銅個人親自驗證資產安全性和顯示實時位置轉移進度的鏈上數據時，恐慌很快被理性所取代。相比之下，拜比特的危機交流也很好地處理了。雙方相互補充，使風暴看起來不那麼恐懼。這也導致人們思考：以前，人們一直認為信息披露會暴露出弱點，但現在已經意識到誠意是最大的護城河。

The truth under pressure testing: Design is more important than imagined

壓力測試下的真相：設計比想像的更重要

This attack revealed a harsh reality: the risk in the crypto world is not "if it will happen," but "when it will happen."

這次攻擊揭示了一個嚴厲的現實：加密世界的風險不是“如果會發生的話”，而是“何時發生”。

According to DeFiLlama statistics, the amount lost in this Bybit incident is the largest cryptocurrency theft case to date, surpassing the previous hacks of Ronin Network and Poly Network, which lost $624 million and $611 million, respectively.

根據Defillama的統計數據，迄今為止，此次BYBIT事件中損失的金額是迄今為止最大的加密貨幣盜竊案，超過了Ronin Network和Poly Network的先前黑客攻擊，分別損失了6.24億美元和6.11億美元。

Top five loss events in cryptocurrency history, data source: Defillama

加密貨幣歷史上的五個損失事件，數據來源：Defillama

However, for Ethena,

但是，對於Ethena來說，