📰 BTCPay had just said it hadn’t been hacked, and then its public-facing version was suddenly hit: Why haven’t the risks of self-hosting gone away?
We talked about this just a couple of days ago, and now there’s a new development. BTCPay Server discovered that someone was using an outdated version of the software to steal funds from hot wallets. This isn’t the first time, but this time the public-facing version was directly attacked. For people who use BTCPay, small businesses working with the Lightning Network, and anyone who wants to manage their own money, it’s a reminder: self-hosting really isn’t easy.
Why does this news matter?
The root cause is that many people choose the free version for convenience but forget to update the software. BTCPay’s self-hosting model is meant to free people from relying on centralized exchanges. But the problem is that free versions come with poor service and slow updates, and security vulnerabilities are addressed slowly. Like the recent decline in miners’ computing power and regulatory uncertainty, this incident is another reminder to “not be too naive—take responsibility for your own affairs.” What does this mean? The self-hosting model is still only reliable if users pay for support themselves.
Impact on the market
In the short term, it’s a reminder to BTC and ETH users: if you keep your money with yourself, someone needs to keep an eye on it. But in the long term, it won’t have much impact on the market landscape. Historically, thefts like this haven’t really transformed the industry as a whole. For example, when Binance’s hot wallet was previously robbed, the losses were ultimately covered by insurance. So, it won’t affect the overall trend; it’s just a lesson for people with poor security awareness.
💡 This incident has little market significance. This assessment would no longer hold if exchanges collectively stopped using BTCPay.
[Conditions that would invalidate this assessment] If exchanges collectively stop using BTCPay, this assessment would no longer hold.
[Disclosure of position] This article is not sponsored by any project, and the author does not hold any of the assets mentioned.
[Source] According to CoinTelegraph
$BTC $ETH #BTC #ETH
⚠️ This is not investment advice. Predictions are for reference only
We talked about this just a couple of days ago, and now there’s a new development. BTCPay Server discovered that someone was using an outdated version of the software to steal funds from hot wallets. This isn’t the first time, but this time the public-facing version was directly attacked. For people who use BTCPay, small businesses working with the Lightning Network, and anyone who wants to manage their own money, it’s a reminder: self-hosting really isn’t easy.
Why does this news matter?
The root cause is that many people choose the free version for convenience but forget to update the software. BTCPay’s self-hosting model is meant to free people from relying on centralized exchanges. But the problem is that free versions come with poor service and slow updates, and security vulnerabilities are addressed slowly. Like the recent decline in miners’ computing power and regulatory uncertainty, this incident is another reminder to “not be too naive—take responsibility for your own affairs.” What does this mean? The self-hosting model is still only reliable if users pay for support themselves.
Impact on the market
In the short term, it’s a reminder to BTC and ETH users: if you keep your money with yourself, someone needs to keep an eye on it. But in the long term, it won’t have much impact on the market landscape. Historically, thefts like this haven’t really transformed the industry as a whole. For example, when Binance’s hot wallet was previously robbed, the losses were ultimately covered by insurance. So, it won’t affect the overall trend; it’s just a lesson for people with poor security awareness.
💡 This incident has little market significance. This assessment would no longer hold if exchanges collectively stopped using BTCPay.
[Conditions that would invalidate this assessment] If exchanges collectively stop using BTCPay, this assessment would no longer hold.
[Disclosure of position] This article is not sponsored by any project, and the author does not hold any of the assets mentioned.
[Source] According to CoinTelegraph
$BTC $ETH #BTC #ETH
⚠️ This is not investment advice. Predictions are for reference only
