The beginning of the year in the crypto world is so crazy. In mid-January, Bitcoin surged to a two-month high of $96,240, breaking the critical level of $94,500 and triggering a $500 million liquidation across the network. Futures market shrank by $900 million, yet the spot market was eating up like crazy—the shorts were squeezed to death.

Even more outrageous, altcoins went wild. DASH returned to its 2021 high, while tokens like OP and TIA jumped two digits. The market's "Fear and Greed Index" completely plummeted, and everywhere you hear calls to get on board.

But who would have thought, the good days wouldn't last long.

DeFi territory exploded: the Truebit protocol was precisely targeted by hackers, exploiting an integer overflow vulnerability in the smart contract. The hacker didn't spend a penny but minted coins for themselves, forcibly draining 8,535 ETH (worth over $26 million). The TRU token instantly depreciated by 99.99%, and the funds had long since vanished through privacy tools.

On the Flow network side, it’s even more heartbreaking. In December two years ago, hackers forged tokens and drained $3.9 million. This time, it’s even worse—the project team directly and forcibly misappropriated legitimate holdings from ordinary users on the exchange, and planned to unilaterally destroy them on January 30. Exchanges like HTX publicly opposed this, criticizing the project team for crossing the last line of decentralization.

Less than half a month later, the crypto world has already seen a hacker heist, project team "seizing assets," and Ponzi schemes running away… one after another. On one side, Bitcoin leads a bullish rally; on the other, code vulnerabilities and rule collapses are like landmines. This "Song of Ice and Fire" is far from over. While investors enjoy the upward trend, risk control must be kept tight.