TL;DR
OneKey’s CEO warned that North Korean hackers could target BlackRock’s Bitcoin ETF following the $6.3 billion theft from Binance.
IBIT holds approximately 815,000 BTC, worth nearly $63 billion, and relies on Coinbase as the sole custodian of its assets.
Yishi Wang warned that an attack on BlackRock could lead to losses that would be difficult to recover, since Bitcoin cannot be frozen like stablecoins and insurance coverage is limited.
Yishi Wang , founder and CEO of OneKey, warned that BlackRock’s Bitcoin ETF could become a target for North Korean hackers following the $6.3 billion attack on Binance.
The executive singled out the iShares Bitcoin Trust (IBIT) , the world’s largest spot Bitcoin ETF, because of the volume of assets it manages and its reliance on a single custodian.
According to the figures cited by Wang, IBIT holds approximately 815,000 BTC, worth nearly $63 billion . Coinbase is the sole custodian of those bitcoins, an arrangement that, in his view, exposes the fund to the consequences of a major security failure .
I suspect IBIT is already on North Korea’s shortlist.
In February 2025, the attackers behind the Bybit hack compromised a Safe{Wallet} developer’s Mac through a malicious project disguised as legitimate Docker-related tooling. They had access for 17 days before the theft, giving…
— Yishi (@ohyishi) October 30, 2026
BlackRock Relies on Coinbase to Custody Its Bitcoin
Wang argued that Coinbase’s financial and technological resources do not eliminate the risks associated with relying on a single provider . A critical vulnerability in its infrastructure could compromise BlackRock’s fund assets.
The OneKey founder estimated that an attack comparable to the Binance breach would represent approximately 9.5% of the assets BlackRock holds in IBIT . According to his calculations, losses could reach approximately $4 per share if distributed among investors, based on current valuations.
The executive also highlighted a difference between Bitcoin and stablecoins . Following the Binance attack, Circle and Tether collectively froze more than $2.3 billion in stolen stablecoins , preventing some of the stolen funds from being moved.
By contrast, BTC transferred by an attacker cannot be frozen through a decision by a centralized issuer. Recovering the funds would require other measures, such as identifying those responsible or intervention by authorities.
Coinbase’s Insurance May Not Cover a Large-Scale Attack
Wang questioned whether the protections currently available would be sufficient in the event of a multibillion-dollar theft.
Coinbase has disclosed $320 million in crime insurance coverage , but that protection is shared among its customers. According to Wang, custody agreements also limit liability to $100 million per cold storage address .
These terms could leave BlackRock investors exposed to losses exceeding the available insurance coverage if a major attack occurred.
OneKey’s CEO acknowledged that Bitcoin ETFs make investing easier for institutions and individuals who prefer not to manage their private keys directly. However, he warned that delegating custody does not eliminate security risks .
Wang argued that the larger the pools of assets under custody, the more attractive they become to attackers . He also noted that even the most sophisticated infrastructure depends on multiple components that may be vulnerable to failure.
The executive concluded his statement by urging continued security checks and warning against mistaking a track record without incidents for a permanent guarantee of protection.
