從冷錢包到熱危機：重大故障如何觸發湍流以及投資者如何反彈？

在從拜比特（Bybit）盜竊超過14億美元之後不到兩天，香港的金融支付平台英菲尼（Infini）再次被黑客入侵了近5000萬美元。

The series of theft incidents have implicated a deeper issue: the lack of unified security standards and consensus in the blockchain industry. Both exchanges and project parties often build their protective systems based on their own understanding rather than following common best practices. For example, Bybit did not set up a secondary review mechanism for cold wallet operations, and Safe did not strictly isolate development permissions, providing hackers with opportunities due to these human oversights.

一系列盜竊事件暗示了一個更深層次的問題：區塊鏈行業缺乏統一的安全標準和共識。交流和項目各方通常都基於自己的理解來建立其保護系統，而不是遵循共同的最佳實踐。例如，Bybit沒有為冷錢包操作設置二級審查機制，安全並未嚴格隔離開發許可，從而為黑客提供了由於這些人類監督而提供的機會。

Moreover, asset custody, insurance mechanisms, and security audits have yet to form systematic norms within the industry. Historically, from Mt. Gox to multiple theft incidents at Binance, it has shown that despite technological advancements, the ability to systematically counter hackers has improved only marginally. The root cause lies in the fragmented regulatory environment, which makes it difficult to unify investor protection and security standards, leading to varying security levels across platforms. In this situation, the concentration of massive assets in a few protocols or platforms has instead become a primary target for hackers.

此外，資產監護權，保險機制和安全審計尚未在行業內構成系統規範。從歷史上看，從Gox山到二元盜竊事件，它表明，儘管有技術的進步，但係統反黑客黑客的能力僅略有改善。根本原因在於零散的監管環境，這使得很難統一投資者的保護和安全標準，從而導致跨平台的安全水平不同。在這種情況下，大量資產集中在一些協議或平台中已成為黑客的主要目標。

As a responsible asset management institution, in light of the consecutive large-scale hacking incidents at Bybit and Infini, we firmly believe that security and compliance are not only the primary guarantees for institutional operations but also the highest priority for protecting client assets. These incidents sound an alarm for the entire industry and also provide investors with an opportunity to readjust their strategies.

作為一個負責任的資產管理機構，鑑於Bybit和Infini的連續大規模黑客攻擊事件，我們堅信安全和合規性不僅是機構運營的主要保證，而且是保護客戶資產的最高優先事項。這些事件對整個行業都有警報，還為投資者提供了重新調整其策略的機會。

In a turbulent market environment, we advise investors to shift from “passive panic” to “active anti-fragility,” responding to uncertainty with a more resilient mindset. Here are specific recommendations based on our years of experience and professional insights.

在動蕩的市場環境中，我們建議投資者從“被動恐慌”轉變為“主動抗差異”，以更加彈性的心態對不確定性做出反應。以下是根據我們多年的經驗和專業見解的具體建議。

When selecting an investment platform, compliance and transparency are basic thresholds, but they are far from sufficient to cope with the increasingly complex risk environment. We recommend that investors deeply assess the professionalism of the platform’s team and its industry reputation, as these are often key indicators of long-term reliability. A team with rich financial backgrounds, technical expertise, and crisis response capabilities can demonstrate stronger adaptability and responsibility in critical moments. For example, as an asset management institution, we comprehensively evaluate potential strategy partners, including but not limited to reserve proofs, audit reports, and past crisis response situations, to ensure that every asset entrusted by clients can withstand the test of time. Investors can also adopt this standard, choosing platforms that demonstrate accountability in crises and maintain transparency in compliance.

選擇投資平台時，合規性和透明度是基本閾值，但它們遠遠不足以應對日益複雜的風險環境。我們建議投資者深入評估平台團隊及其行業聲譽的專業精神，因為這些通常是長期可靠性的關鍵指標。具有豐富財務背景，技術專長和危機響應能力的團隊可以在關鍵時刻表現出更強的適應性和責任感。例如，作為資產管理機構，我們全面評估了潛在的戰略合作夥伴，包括但不限於保留證明，審計報告和過去的危機響應情況，以確保客戶託付的每個資產可以承受時間的考驗。投資者還可以採用此標準，選擇在危機中表現出責任制並保持遵守透明度的平台。

Technical vulnerabilities and human negligence are core lessons from this hacking incident, reminding investors to proactively enhance their self-security awareness rather than relying entirely on platform promises. While cold wallets are not a panacea, they remain an effective tool for personal asset protection. Regularly checking permission settings and avoiding links from unknown sources can significantly reduce the risk of being attacked. At the same time, diversifying investments is an effective strategy to guard against single points of failure. We recommend that investors allocate assets across various platforms (such as centralized exchanges, DeFi protocols, and hardware wallets) and diversify across regions and asset classes.

技術脆弱性和人類疏忽是這一黑客事件的核心教訓，提醒投資者積極提高他們的自我安全意識，而不是完全依靠平台承諾。儘管冷錢包不是靈丹妙藥，但它們仍然是個人資產保護的有效工具。定期檢查權限設置並避免來自未知來源的鏈接可以顯著降低受到攻擊的風險。同時，多元化投資是防止單一失敗點的有效策略。我們建議投資者在各個平台（例如集中式交易所，Defi協議和硬件錢包）上分配資產，並在各個地區和資產類別中多樣化。

Finally, let's return to the topic of the industry. Although market sentiment is low in the short term due to hacking incidents and external macro factors, we believe that crises often serve as catalysts for industry self-repair and upgrading. Strengthened regulation, innovations in security technology, and the proliferation of decentralized solutions will bring long-term benefits to compliant platforms and projects. Investors can take advantage of market panic to prudently allocate assets, seeking investments that offer the best match of stability and returns.

最後，讓我們回到行業的主題。儘管由於黑客事件和外部宏觀因素，在短期內市場情緒很低，但我們認為疾病通常是行業自我修復和升級的催化劑。加強監管，安全技術的創新以及分散解決方案的擴散將為合規的平台和項目帶來長期利益。投資者可以利用市場恐慌來謹慎地分配資產，尋求提供穩定和回報最佳匹配的投資。

Our investment strategy always revolves around this principle, aiming to achieve optimal risk-return performance in a turbulent market. We integrate macroeconomic trends, emerging technologies, and regulatory policies to formulate flexible multi-strategy asset management solutions, striving to capture excess returns for clients amid turmoil. At the same time, we prioritize security and compliance as the baseline for all investment decisions, ensuring that every return we generate can withstand the test of risk.

我們的投資策略始終圍繞這一原則，旨在在動蕩的市場中實現最佳的風險回收績效。我們整合了宏觀經濟趨勢，新興技術和監管政策，以製定靈活的多策略資產管理解決方案，努力在動蕩的情況下為客戶贏得超額回報。同時，我們將安全性和合規性作為所有投資決策的基準優先考慮，以確保我們產生的每筆回報都可以承受風險考驗。

Drawing on Nassim Taleb's concept of "anti-fragility," we encourage investors to view crises as opportunities to optimize strategies rather than mere threats. For example, building positions in quality assets during extreme market panic or choosing relatively stable quantitative arbitrage strategies can help investors avoid losses in the short term and gain an advantage when the industry recovers. In this process of adapting to market changes and maintaining a positive attitude, we believe that investors can not only navigate the turbulence but also emerge stronger and achieve greater investment goals.

借助納西姆·塔萊布（Nassim Taleb）的“抗侵略性”概念，我們鼓勵投資者將危機視為優化策略而不是僅僅威脅的機會。例如，在極端市場恐慌中建立質量資產的立場或選擇相對穩定的定量套利策略可以幫助投資者在短期內避免損失，並在行業恢復時獲得優勢。在適應市場變化和保持積極態度的過程中，我們認為投資者不僅可以駕駛動盪，而且可以越來越強大並實現更大的投資目標。