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How did hackers actually drain $6.3 billion from Binance? The answer is stranger than a stolen password.
Binance CEO Richard Teng said in a video message on 30 October that attackers got in through a compromised laptop, then used EIP-7702, an Ethereum standard that lets a wallet hand its execution power to smart contract code, to get on chain approval over a Binance hot wallet. Teng said that delegation did not pass through the normal approval controls, which is why Binance paused withdrawals to rebuild and retest the whole system. Binance also says it has found no evidence so far that wallet private keys were leaked. About $3 billion has been frozen, and Binance has set aside more than $6.34 billion through SAFU and its treasury, about $5 billion of it already held in the same coins that were taken.
My honest take is this. This was not a private key theft, it was an approval control failure, and that changes what matters next. The money cover looks real, but trust will come back only when the rebuilt withdrawal system passes its tests and phased reopening actually starts, targeted for Sunday. A proof of reserves snapshot is due within hours today, with results by Monday. Until those two things land, I treat every bounce as relief, not recovery.
Source: Binance CEO Richard Teng video message and Binance second security incident update, 30 Oct 2026.
This is my opinion, not a trade call. Futures trading is risky, trade small, manage risk, do your own research.
#Bitcoin #Crypto #FuturesTrading #TradingSignals
Follow for more trades
Does the EIP-7702 detail make you more confident in the phased reopening, or less?
How did hackers actually drain $6.3 billion from Binance? The answer is stranger than a stolen password.
Binance CEO Richard Teng said in a video message on 30 October that attackers got in through a compromised laptop, then used EIP-7702, an Ethereum standard that lets a wallet hand its execution power to smart contract code, to get on chain approval over a Binance hot wallet. Teng said that delegation did not pass through the normal approval controls, which is why Binance paused withdrawals to rebuild and retest the whole system. Binance also says it has found no evidence so far that wallet private keys were leaked. About $3 billion has been frozen, and Binance has set aside more than $6.34 billion through SAFU and its treasury, about $5 billion of it already held in the same coins that were taken.
My honest take is this. This was not a private key theft, it was an approval control failure, and that changes what matters next. The money cover looks real, but trust will come back only when the rebuilt withdrawal system passes its tests and phased reopening actually starts, targeted for Sunday. A proof of reserves snapshot is due within hours today, with results by Monday. Until those two things land, I treat every bounce as relief, not recovery.
Source: Binance CEO Richard Teng video message and Binance second security incident update, 30 Oct 2026.
This is my opinion, not a trade call. Futures trading is risky, trade small, manage risk, do your own research.
#Bitcoin #Crypto #FuturesTrading #TradingSignals
Follow for more trades
Does the EIP-7702 detail make you more confident in the phased reopening, or less?
