Bybit危機成轉機？OKX Wallet 自我審查竟是為了這場未爆彈？

Hello everyone, I'm Terry. You should know that the cryptocurrency has been the biggest hacker attack in history. As far as we know, this could be the largest hack in the history of our industry. Our Ethereum code wallet was compromised or hacked about three hours ago.

On February 21st this year, the hacker who was called by Bybit was stolen 400,000 Ethereum coins. The value is equivalent to $1.5 billion. Of course, it may not be 1 billion now. This is not the point. The point is that this whole thing shocked Bitcoin and triggered a survey by law enforcement agencies around the world.

OKEx's DEX was also stolen by Bybit. So they were also involved in this matter. After a month and a half of supervision and review, it started again. This whole thing will happen because all the asset flow is transparent on the blockchain. So these stolen ethereum is theoretically said to be able to track the direction of each of them on the chain. But Hike has the ability to steal it away. They also have a way to wash these assets clean and then slowly pay it out. Because these assets are washed away on the chain,

All the regulators and law enforcement agencies including Bybit are monitoring their direction. Some of the funds, about $100 million, were used in OKEx's Web3 wallet. OKEx is the world's second largest trading agency. So Bybit informed the EU about this. This also led the EU to conduct an investigation into OKEx. Of course, OKEx did not participate or assist North Korean hackers in the money laundering.

It's not good for them to participate in this. Besides, I just said this is the service of Web3 wallet. If you have seen my previous video, you should know that Web3 wallet is actually a wallet that gives users a full asset control. It is also a non-contractable wallet. Users have a whole set of account bookmarks. And this account bookmark is only available to users

OKEx does not have any wallet control rights They just provide the free wallet software for users to use The difference between this wallet and the cold wallet is that the Web3 wallet is an app installed on the phone and the cold wallet is an app installed on a wired USB hard drive

OK, of course, this whole thing is not OKEx can control Anyone can use this Web3 wallet Because the wallet of Web3 itself is a decentralized service It is a non-contractable wallet If today these ethereals are stolen These ethereals are transferred to the OKEx exchange Then there is absolutely no problem They can freeze this money and hand it over to the law enforcement But because OKEx's Web3 wallet It's not OKEx to control how to use it

Or what to do to control the user It is a wallet with a connected blockchain and no KYC OKEx will not store the user's address The address of this wallet is gone The user must keep it well and write it down This whole thing is If today OKEx can freeze the Web3 wallet assets in the user Then it will become very strange It means that this Web3 wallet is not a decentralized wallet

Back to the OKEx investigation by the European Commission OKEx was actually the first to take the initiative to explain to the Commission and cooperate with the investigation of the Commission They also actively temporarily suspended the decentralized DEX integrated service in the Web3 wallet on March 7th Then implemented additional security upgrades and prevent the abuse of supervision systems They also launched some high-tech address detection systems and timely tracking Then reported suspicious activities to the control unit

So OKEx should be the first company to take the initiative to solve the problem of decentralized products and supervision. But it's still the same, Web3 wallets are still wallets that users control. Developing this wallet company should not have the right to own this wallet. I have always put my long-term investment in the cold wallet. The advantage of the cold wallet is that it is completely free of risk. The risk of being harmed by hackers is basically zero.

Unless it's a mistake or my account was stolen And there is no risk of the company's bankruptcy The same is true for Web3 wallets If you don't want to put your assets in a cold wallet Web3 wallet is the second option When creating a Web3 wallet You will need to copy your account on paper This set of accounts is the only set of data that back up and restore your Web3 wallet You can imagine it as an ultimate password for your Web3 wallet

Even if OKEx is closed today or does not exist You can still restore your Web3 wallet Just like you can restore your Ledger people wallet is the same truth No matter what day if Ledger is also closed You can still restore your wallet on the blockchain using any platform As long as you remember your address Your C-phrase is not stolen by others Then your wallet is safe

I know this concept may not be so easy to understand But you can imagine that the entire blockchain is actually a publicly anonymous ledger The assets owned by each wallet address are recorded on this public ledger Although there is an app today or any wallet app or company is hanging Does not mean that the assets of this address are only gone Because these wallets, whether it is a cold wallet or a hot wallet, it is just a interface with the ledger on the blockchain

Its function is purely a interface, so simple. The real power to control this wallet is the privacy of this wallet. That is, this set of address cards can restore things. If one interface is broken or broken today, you just have to hold your address card and find another interface to restore your privacy. It is equivalent to restoring your right to this address. Just like if your phone or computer is broken today, your money in your bank account will not disappear. Because the phone and computer are just a interface.

You can re-enter your network if you change a new phone or computer. I hope this explanation has made you understand the basic operation principle of Web3 wallet. If you still don't understand, you can watch the video I posted before. "Understand the basics you need to know about Bitcoin from scratch" In the video, I shared a lot of basic knowledge about Web3.

Okay, so you might be wondering why we use Web3 wallets. First of all, I think Web3 wallets are a way to balance between a cold wallet and a trading center. My long-term investment assets, such as Bitcoin, are all in cold wallets. Because cold wallets are the safest. Why is it called a cold wallet? It means it's a wallet that has no network at all.

And the private key of the wallet will never leave the cold wallet. In theory, its basic design principle is that when the wallet is using this private key to sign a transaction, it is completed on this hard disk. After signing, it will send the signed information. So Hike basically has no way to steal your private key. Like the incident of the last time Bybit was stolen from Ethereum. They were not stolen because of the defect of the cold wallet itself.

But the hacker has already entered the Bybit employee's computer Then modify the interface Let their employees transfer their assets accidentally And they don't know Because the whole computer has been hacked So what you see is different Although the cold wallet is the safest option But relatively it is more troublesome I need to plug this USB hard drive into the computer Or even Bluetooth to trade And every time I trade I need to manually open this Bybit

app to review and manually enter my password to sign this transaction, then it will start broadcasting to the blockchain. So I think this thing is purely a concept of insurance. Like you will put the gold in the insurance box of the bank, it is not used to let you trade every day. Web3 wallets are more like a real wallet. It is a kind of hot wallet that can make it very convenient for me to do transactions because its design itself is that the private key is on the phone.

So it's very easy to sign a deal. Usually it's done with the human face recognition of the iPhone. For example, I want to transfer money to my friend or I want to use a encrypted currency to pay for my shopping. I can use my Web3 wallet on my phone. Then some GameFi or blockchain applications or games will need to use Web3 wallets. Including the one I used to operate a little bit of Trump coin or to buy some new coins are all using OKEx Web3 wallets. And many of the first exchanges that didn't have coins, you can only buy coins on DAX.

Of course, if the coin is very popular, it will be listed in the exchange. But that's after. For example, when I was playing the Trump coin, I was not early when I entered the market. It's been half a day. But there is no exchange that has this coin. So I could only buy it through Web3 wallet. Many users in the coin circle are playing Datoogou and Congmin. All of these are operating on DEX. You also need a Web3 wallet.

I think Web3 wallet is more like LinePay, WeChat Pay or VAMO in the US. You may think that it is better to put money in the exchange. Of course, you can put your money in the exchange. But the purpose of the exchange is mainly to make you trade mainstream currency. Let you buy cash, let you open a bank and make a contract, let you open some strategic robots. Its function is very different from Web3 wallet. In fact, they are all very useful tools, but the function is different.

And the exchange is a slated wallet The principle of the exchange is very similar to the bank You transfer your assets to their wallet Then they will give you a balance, a number This balance is the trust relationship between users and them Your assets are actually in the wallet of the exchange You don't really have these assets in definition It's just that the exchange tells you that you can take these assets from them

So your right to own assets depends on the promise of the exchange. And if the exchange is closed, although the risk is very low, especially with POR exchanges, but if it really closes, your assets may not be able to get back. So I think Web3 wallet is a pretty good way to make a profit. I have also compiled a comparison chart between a Web3 wallet and an exchange and a cold wallet.

If you are interested, you can go and take a look. OK, we talked about so many basics of Web3 wallets. Let me share with you why I choose to use OKX's Web3 wallet. Their Web3 wallet is really one of the best ones. This is a must-recognize. Not just me saying OKX invested a lot in wallet research. Early in 2022, when the chain was still very early, OKX had already launched OKX wallets. Then, as the industry developed, NFT and civilized text were released.

Then it slowly became the OKEx Wallet that everyone is familiar with. It brings a comprehensive chain function integration to OKEx users, including chain transactions, wallets, DEX, and other functions integrated into a platform, greatly reducing the threshold of user use.

For the newbie of the coin circle, we have provided a super app that quickly transfers on the chain. OKEx's current strategy is to separate the websites and wallets and other related products independently. The main thing is to give users a more professional and more suitable exclusive service. It is also better to meet the requirements of the management of each region. If you don't have an OKEx account yet, you can also register with my link. I will put my exclusive registration link in the information bar at the bottom of the video. Using my link to register can get a lot of new users' service.

About OKEx's wallet, after you download OKEx's wallet, you can create a new wallet and set a password. This is your transaction password, a bit like the pin code of your phone. This completes your wallet setup, very simple. Before you make any transactions, I would recommend you to prepare your address first.

You can click on the "Go to backup" here, and it's exactly the same as the backup "Card and wallet" address. Remember here, don't put your address in the password management system, or take a photo. This group of address is the only thing that can restore your private key. Even if you accidentally forget your PIN code, you can use this group of address to restore your wallet. Just rebuild a new wallet.

If you accidentally lost your address, then you can't use OKEx because they won't store your address anywhere. After the address is stored, your Web3 wallet is basically ready. You can choose any network you want to use. There are more than 100 options on the network. For example, I choose Solana, then choose USDT, and then I can click on "Sell". This way, I can know the address of my wallet.

Then we can open the exchange Remember when you go to the U, you must choose the correct network Otherwise, this U may disappear No one can help you get it back OK, that's a tutorial on Web3 wallet I think OKEx's Web3 wallet is really good You can play it yourself

Of course, when you are transferring or trading, you should pay attention to the gas fee. Especially when trading cross-chain, the gas fee may be higher. Okay, that's it for today's video. I hope this video has helped you. It has helped you to understand some basic knowledge of Web3 wallets. Of course, before using any wallet, whether it's a cold wallet, a hot wallet, or a trading agency, I would recommend that you do your own homework. First understand the risks of using these. Today's video is not an investment suggestion, nor an open-votation suggestion. I'm just sharing the information I know. See you next time.