OneKey Founder Warns IBIT Holders Could Bear Losses in a Major Theft

OneKey founder Yishi warned that a major theft from BlackRock’s IBIT spot Bitcoin (BTC) exchange-traded fund could leave shareholders with losses if stolen assets were not recovered or fully reimbursed. IBIT holds about 815,000 BTC, worth roughly $63 billion, and relies mainly on Coinbase for custody. Anchorage Digital has been added as an additional custodian, but there are currently no plans to transfer the assets. Yishi said BlackRock has not bought insurance specifically for IBIT’s Bitcoin. Coinbase’s commercial crime insurance provides $320 million in coverage shared among multiple customers. The custody agreement caps liability at $100 million per cold-storage address. Yishi cited security incidents involving Binance and Bybit, saying attackers could steal assets by compromising transaction-signing approval systems even when wallet private keys had not been leaked.

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