从冷钱包到热危机：重大故障如何触发湍流以及投资者如何反弹？

在从拜比特（Bybit）盗窃超过14亿美元之后不到两天，香港的金融支付平台英菲尼（Infini）再次被黑客入侵了近5000万美元。

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.

一系列盗窃事件暗示了一个更深层次的问题：区块链行业缺乏统一的安全标准和共识。交流和项目各方通常都基于自己的理解来建立其保护系统，而不是遵循共同的最佳实践。例如，Bybit没有为冷钱包操作设置二级审查机制，安全并未严格隔离开发许可，从而为黑客提供了由于这些人类监督而提供的机会。

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，资产监护权，保险机制和安全审计尚未在行业内构成系统规范。从历史上看，从Gox山到二元盗窃事件，它表明，尽管有技术的进步，但系统反黑客黑客的能力仅略有改善。根本原因在于零散的监管环境，这使得很难统一投资者的保护和安全标准，从而导致跨平台的安全水平不同。在这种情况下，大量资产集中在一些协议或平台中已成为黑客的主要目标。

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.

作为一个负责任的资产管理机构，鉴于Bybit和Infini的连续大规模黑客攻击事件，我们坚信安全和合规性不仅是机构运营的主要保证，而且是保护客户资产的最高优先事项。这些事件对整个行业都有警报，还为投资者提供了重新调整其策略的机会。

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.

在动荡的市场环境中，我们建议投资者从“被动恐慌”转变为“主动抗差异”，以更加弹性的心态对不确定性做出反应。以下是根据我们多年的经验和专业见解的具体建议。

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.

选择投资平台时，合规性和透明度是基本阈值，但它们远远不足以应对日益复杂的风险环境。我们建议投资者深入评估平台团队及其行业声誉的专业精神，因为这些通常是长期可靠性的关键指标。具有丰富财务背景，技术专长和危机响应能力的团队可以在关键时刻表现出更强的适应性和责任感。例如，作为资产管理机构，我们全面评估了潜在的战略合作伙伴，包括但不限于保留证明，审计报告和过去的危机响应情况，以确保客户托付的每个资产可以承受时间的考验。投资者还可以采用此标准，选择在危机中表现出责任制并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.

技术脆弱性和人类疏忽是这一黑客事件的核心教训，提醒投资者积极提高他们的自我安全意识，而不是完全依靠平台承诺。尽管冷钱包不是灵丹妙药，但它们仍然是个人资产保护的有效工具。定期检查权限设置并避免来自未知来源的链接可以显着降低受到攻击的风险。同时，多元化投资是防止单一失败点的有效策略。我们建议投资者在各个平台（例如集中式交易所，Defi协议和硬件钱包）上分配资产，并在各个地区和资产类别中多样化。

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.

最后，让我们回到行业的主题。尽管由于黑客事件和外部宏观因素，在短期内市场情绪很低，但我们认为疾病通常是行业自我修复和升级的催化剂。加强监管，安全技术的创新以及分散解决方案的扩散将为合规的平台和项目带来长期利益。投资者可以利用市场恐慌来谨慎地分配资产，寻求提供稳定和回报最佳匹配的投资。

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.

我们的投资策略始终围绕这一原则，旨在在动荡的市场中实现最佳的风险回收绩效。我们整合了宏观经济趋势，新兴技术和监管政策，以制定灵活的多策略资产管理解决方案，努力在动荡的情况下为客户赢得超额回报。同时，我们将安全性和合规性作为所有投资决策的基准优先考虑，以确保我们产生的每笔回报都可以承受风险考验。

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.

借助纳西姆·塔莱布（Nassim Taleb）的“抗侵略性”概念，我们鼓励投资者将危机视为优化策略而不是仅仅威胁的机会。例如，在极端市场恐慌中建立质量资产的立场或选择相对稳定的定量套利策略可以帮助投资者在短期内避免损失，并在行业恢复时获得优势。在适应市场变化和保持积极态度的过程中，我们认为投资者不仅可以驾驶动荡，而且可以越来越强大并实现更大的投资目标。