The founder of the hardware wallet OneKey stated that BlackRock's IBIT is not separately insured

The founder of hardware wallet company OneKey, Yishi, stated that the security incidents involving Binance and previously Bybit indicate that even if wallet private keys are not leaked, attackers may still steal assets by infiltrating the signature approval system. BlackRock's Bitcoin spot ETF IBIT holds approximately 815,000 BTC, valued at about $63 billion, and is currently primarily custodied by Coinbase.

Although IBIT has introduced Anchorage Digital as an additional custodian, there are no plans for asset transfers at this time. Yishi pointed out that BlackRock has not separately purchased insurance for the Bitcoin held by IBIT, and Coinbase's commercial crime insurance coverage is $320 million, shared among multiple clients. The custody agreement stipulates that the liability limit for each cold storage address is $100 million. In the event of a significant theft where assets cannot be recovered or adequate compensation obtained, losses may be borne by ETF holders. There is currently no evidence to suggest that IBIT has become a target of attack.