An important warning from SlowMist founder Yu Xian for the cryptocurrency industry! ! !

Mainly involves the prudence of choosing service providers, especially for small and potentially unreliable service providers. The following is a detailed summary and explanation of the information:

1. Warning content

Yu Xian posted on social media that through the review of the two thefts of FixedFloat, it was found that the root cause of the problem came from the host service provider Time4VPS. Although this service provider is cheap, its security is unreliable, which allows attackers to easily obtain all functional permissions of the host, including global access to all servers, making the security measures taken previously completely ineffective.

2. Relevant figures and information

FixedFloat lost more than $26 million worth of Bitcoin and ETH due to the attack. As a host service provider, Time4VPS's security issues were pointed out as the root cause of the theft of FixedFloat.

3. Detailed explanation of the warning

The importance of service provider selection: Yu Xian emphasized that in the cryptocurrency industry, it is crucial to choose a reliable service provider. Due to the special nature of the industry, any security loopholes may lead to huge economic losses. Risks of small service providers: Although small service providers may offer lower prices, their security is often difficult to guarantee. As Time4VPS shows, even if the price is low, if the security is insufficient, it may eventually lead to irreparable losses. Risks of global access rights: Once an attacker obtains global access rights to the host, he can bypass all previously set security measures, which makes the security line of institutions such as cryptocurrency exchanges ineffective.

4. Summary

Cosine's warning sounded the alarm for the cryptocurrency industry. When choosing a service provider, in addition to considering price factors, more attention should be paid to the security and reliability of the service provider. Especially when it comes to key links such as cryptocurrency storage and trading, it is more important to choose large service providers that have been verified and have a good reputation to ensure the safety of assets.