Today's biggest news: A massive leak of Coinbase KYC data, and there hasn't been much discussion about it in the Chinese community. Industry insiders estimate that this incident has caused at least hundreds of millions of dollars in losses for the exchange and severely damaged its business reputation. A few points on cryptography and digital identity fraud: 1. KYC data held by exchanges and various virtual asset service institutions is basically a ticking time bomb. Once something goes wrong, at best it causes significant damage, at worst it leads to closure. 2. Many financial institutions are still storing sensitive data, including user KYC data, in plain text. /shrug 3. Encryption algorithms like AES256 can already protect sensitive data very well. Ordinary hacker organizations have no chance of cracking such encryption algorithms. But the problem is, they don't need to crack it because it's easy to find a password.txt file on the same server. 4. Designing and implementing a secure, reliable, yet flexible and convenient encryption, decryption, and key management system is extremely difficult. Being able to involve non-technical senior executives in managing encrypted data permissions through a simple and secure user interface, without introducing any additional security risks, is even more challenging. 5. After user KYC data is stolen, criminals will use various means to defraud users to obtain their crypto assets. 6. The main reason most scams succeed is identity fraud. In other words, if users could easily and effectively identify the true identity of those sending them emails, texts, or calls, 99% of scams would not occur. 7. Tools to prevent fraud and data theft are like the latest bulletproof vests or airbags. No one cares before something happens, and it's too late to care afterward. 8. Data encryption algorithms, secure and convenient key management, and digital identity fraud prevention are among the best application scenarios for Web3/blockchain technology. Unfortunately, public chains focusing on such scenarios, like ICP, generally do not receive much attention. Finally, even if it's just for public welfare, we will continue to make efforts in this direction.