OneKey's founder raised concerns about BlackRock's Bitcoin ETF after Coinbase said it had adjusted cold storage systems as a precaution following the Binance breach.

North Korean hackers could target BlackRock's $62 billion Bitcoin exchange-traded fund (ETF), crypto wallet maker OneKey founder Yishi Wang warned.

“I suspect IBIT is already on North Korea's shortlist,” Wang said, following the $6 billion Binance hack that US authorities attributed to North Korea's TraderTraitor operation.

The warning puts fresh attention on Coinbase, which serves as the primary Bitcoin custodian for BlackRock's iShares Bitcoin Trust (IBIT), the world's largest spot Bitcoin ETF. CryptoSlate’s April 8 snapshot put funds naming Coinbase in a custody role at more than 80% of US Bitcoin ETF assets.

Coinbase has already made precautionary changes to its offline storage infrastructure following the Binance breach. In an Oct. 29 statement, Chief Security Officer Jeff Lunglhofer said the exchange was blocking transfers to compromised Binance wallets and had adjusted its cold storage systems out of an abundance of caution.

Wang's concern stems from the techniques North Korean attackers have used in previous cryptocurrency thefts, particularly the February 2025 Bybit hack, which resulted in approximately $1.5 billion in losses.

During that operation, hackers compromised a Safe{Wallet} developer's computer through malicious software disguised as legitimate development tooling.

According to a forensic investigation by Sygnia, the attackers manipulated the transaction interface used by Bybit's authorized signers, deceiving them into approving a malicious transfer from a cold wallet.

The attackers did not need to extract the private keys to execute the theft because they had compromised the process through which legitimate transactions were approved.

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