Over $6 million was just evaporated on Christmas night. Watching this security incident with Trust Wallet, I was reminded of the various black swan events I’ve seen over the years.

Do you remember the Mt.Gox exchange incident in 2014? Back then, we all thought it couldn’t happen to the "official" entities. But as it turned out, the most trusted things are often the easiest targets for hackers. This time was no different — the attacker spent two weeks gradually infiltrating, starting preparations on December 8th, implanting a backdoor on the 22nd, and only beginning to act on Christmas. The entire process was calm and patient, not some reckless small-scale attack.

What truly made me reflect was the underlying issues exposed by this incident. Browser extensions have become the new battleground, and many users are completely unaware of the risks. We’ve spent over a decade educating the market about the importance of cold wallets and hardware wallets, but convenience will always be a human weakness. How many people install these extensions for convenience, and how many actually check their version numbers regularly?

From another perspective, Trust Wallet’s response speed was quite decent. Promising full compensation, publicly detailing the repair steps, and proactively explaining the scope of the impact — these are much better than some exchanges’ silence during crises years ago. It also reflects that the industry has indeed grown over the years, with practitioners beginning to understand how to handle crises.

History tells us that every major security incident is a baptism for the industry. Users will become more cautious, project teams will raise standards, and regulations will catch up. The cost of $6 million has led to an overall increase in security awareness across the ecosystem — perhaps this is a necessary price in the cycle.