In recent days, several events in the crypto space are worth paying attention to, involving security, policy, and liquidity. Although they seem scattered, they actually reflect several deep-seated risks in the current market.

**Security is becoming increasingly complex**

Hackers have recently been experimenting with a new tactic called "AI prompt poisoning." In simple terms, they attack by contaminating the instruction sets of AI tools. Once you fall victim, the AI can automatically take control of your computer without any response from you. The entire process requires no confirmation and poses extremely high risks. This is unlike traditional viruses that require you to click a link; it is more covert and deadly.

The vulnerability incident involving Trust Wallet is still unfolding. The latest official confirmation states that this vulnerability affected 2,596 wallets, and about 5,000 compensation requests have been received. The team is currently verifying each case and emphasizes prioritizing accuracy. But this also highlights a reality: even major wallets are not immune to lapses, and users must remain highly vigilant regarding any plugins and authorization permissions.

**Macro policies are diverging, which is very important**

In China, funding rates may remain low for a prolonged period. A recent research report from CITIC Securities mentioned that the central bank has not emphasized "preventing capital from idle circulation" lately, which is a subtle signal. Looking ahead, funding costs are expected to stay at relatively low levels. Simply put, the domestic liquidity environment may continue to be relatively loose, providing a basic liquidity support for various risk assets.

However, the sentiment in Japan is different. The recent summary of the Bank of Japan's meeting indicates that some members have explicitly suggested that the central bank should "raise interest rates every few months." Why? To cope with inflation and foreign exchange market pressures. One member also mentioned that even if interest rates are raised to 0.75%, Japan’s real interest rate remains deeply negative. This detail is very important—it indicates that core members of the global "zero interest rate" camp are considering a policy shift. If this happens, the flow of global capital may need to be restructured.

**Two observations worth vigilance**

First, the operational environment is becoming more complex. From wallets to AI tools, security threats are omnipresent and constantly evolving. Any authorization, plugin, or automation operation must be scrutinized carefully. Security should be the top priority.

Second, the asynchronous policies of global central banks are even more worth paying attention to. Don’t view the issue with the simplistic logic of "all central banks easing together" or "tightening together." The monetary policy cycles of the four major economies—China, the US, Europe, and Japan—are not synchronized. True opportunities and risks often hide in the structural impacts of different liquidity environments on specific sectors.

In the face of such uncertainty, blindly chasing hot spots increases speculative risks. No matter how noisy the market gets, it’s essential to stay clear-headed and return to the fundamentals of things. That is the way to survive in volatility.