In the last few hours, you may have come across an FBI alert stating that hackers from North Korea are attempting to steal BTC units from American Bitcoin Spots ETFs.
Do you know what makes these hackers' tasks easier?
I'll let you think about it for a few seconds...
The word starts with C...
Got it?
The word is CENTRALIZATION!
Bitcoin is a revolution that promotes decentralization to solve many of the problems of our time, and now these Bitcoin Spot ETFs are appearing.
Financial giants such as BlackRock, who have launched these Bitcoin Spot ETFs, have found nothing better than to delegate the management of the Bitcoin units purchased on behalf of their clients to a third party.
Except for Fidelity, all the other financial giants have delegated the management of the private keys of these BTC units to Coinbase!
That's right, it's Coinbase that stores over 90% of the nearly 930K BTC cumulatively held by these Bitcoin Spot ETFs.
At least 830K BTC centralized at the same Coinbase entity.
You can see why North Korean hackers are interested in stealing them. All we have to do is attack Coinbase, whose infrastructure has never reassured us in recent years.
Not your Keys, Not your Bitcoin.
This is an essential lesson that these financial giants who are trying to rob you of the deeper meaning of the Bitcoin revolution should have learned, but out of laziness, they preferred to delegate to a third party like Coinbase, which amounts to showing a total lack of understanding of the Bitcoin revolution.
Not surprising in my view, since these financial giants couldn't care less about the Bitcoin revolution, but a reminder for those who still think that the Bitcoin revolution is not in danger with the gradual takeover of BlackRock and the other financial giants!