拜比特（Bybit）的$ 900000 BTC盗窃从埃塞纳（Ethena）的角度盗窃：最简单的事实是，金钱不在交流中

2025年2月21日，拜比特（Bybit）遭受了灾难性的黑客事件，失去了170,000 BTC，价值约为900000美元。

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

2025年2月21日，注定要写入加密货币历史的纪事中。

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.

在接下来的24小时内，比特币的价格多次下降，短暂跌至每枚硬币95,000美元以下，并在整个市场中散布恐慌。根据不完整的统计数据，全世界有17万名投资者被清算，遭受了巨大的损失。

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

“金钱不在交流中”：最简单的真相

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.

对于加密空间中的用户，被黑客入侵的交换是他们最不想看到的噩梦。一旦将资产存储在交易所中，就有一种“一次全部收购”的风险。但是，埃塞纳的方法有些不同。他们从一开始就遵守了一个原则：支持USDE的资产绝对没有存储在交流中。

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."

这似乎是常识，但是在追求高回报和分散的加密世界时，它需要极大的勇气。 Ethena选择拥有由第三方保管人，铜托管的资产，并且仅在需要交易时通过铜透明卢比与流动性进行交换。和解过程在托管人内部完成，资金不会离开托管人。简而言之，它与“在银行帐户中付款时用数字钱包付款”一样安全有效。

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?

这种设计的才华在于一个事实，即，即使交易所发生了一些事情，用户的核心资产也不会直接承受风险。事实证明，该模型在Bybit Hacking事件中非常有帮助。埃塞纳（Ethena）的支持资产完全没有拜比特（Bybit），避免了直接损失。更重要的是，它使从Bybit迅速转移了3000万美元的对冲职位到其他平台，这使整个过程感觉就像是“改变战场上的防守” - 当旧位置下降时，新的防御已经到位，展现出了显着的灵活性。这不可避免地会导致人们思考：如果更多的项目可以采用这种方法，会有较少的日子焦虑吗？

Ethena's configured positions before and after the Bybit attack

埃塞纳（Ethena）在Bybit攻击之前和之后的配置位置

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

1.2亿美元/小时赎回波：压力的最终测试

Ethena's timeline after the Bybit attack

埃特纳（Ethena）的时间表在拜百比攻击之后

Panic is contagious.

恐慌是传染性的。

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

随着BYBIT用户开始疯狂撤回资金，Stablecoin市场也飙升。

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.

数据显示，USDE赎回请求在一个小时内超过1.2亿美元，相当于协议每日赎回量的15倍。但是，埃塞纳的响应速度令人惊讶。

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.

在事件确认的10分钟内，其流动性缓冲区紧急从3000万美元扩大到2.5亿美元，就好像大坝是在洪水前的瞬间建造的。

USDe price and redemption situation on that day

当天的USDE价格和赎回情况

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

该操作得到了预先建立的紧急机制的支持：当市场波动超过阈值时，系统会自动触发流动性储备的动员。

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%.

最终，USDE的二级市场价格仅短暂地偏离了固定的汇率不到0.5％，迅速返回到1美元左右。同时，其他Stablecoins通常经历了1％-3％的折扣。

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

“就像飞机遇到湍流时，乘客发现氧气面具会自动下降。”

Transparent communication: Letting users feel secure

透明的通信：让用户感到安全

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.

加密货币空间中有一个不言而喻的规则：当出现问题时，项目各方要么保持沉默或含糊不清，使人们猜测很长时间。这次，Ethena采取了相反的方法，在袭击发生后的黄金小时内发布了三个公告。

Confirming zero risk exposure for core assets;

确认核心资产的零风险敞口；

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

透露，与BYBIT的3000万美元未实现的利润受到了影响；

Providing real-time updates on position migration progress.

提供有关位置迁移进度的实时更新。

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

他们继续更新进度，直到消除这一风险为止，甚至铜出来以确认和解很好。

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.

这种透明的方法虽然很简单，但非常有效。当用户看到托管铜个人亲自验证资产安全性和显示实时位置转移进度的链上数据时，恐慌很快被理性所取代。相比之下，拜比特的危机交流也很好地处理了。双方相互补充，使风暴看起来不那么恐惧。这也导致人们思考：以前，人们一直认为信息披露会暴露出弱点，但现在已经意识到诚意是最大的护城河。

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

压力测试下的真相：设计比想象的更重要

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

这次攻击揭示了一个严厉的现实：加密世界的风险不是“如果会发生的话”，而是“何时发生”。

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.

根据Defillama的统计数据，迄今为止，此次BYBIT事件中损失的金额是迄今为止最大的加密货币盗窃案，超过了Ronin Network和Poly Network的先前黑客攻击，分别损失了6.24亿美元和6.11亿美元。

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

加密货币历史上的五个损失事件，数据来源：Defillama

However, for Ethena,

但是，对于Ethena来说，