Guys, Binance has really taken a devastating hit this time. This is absolutely one of the biggest incidents the crypto world has ever seen!
According to Arkham monitoring data reported by BlockBeats, the hacker group was involved in a whopping 65 different crypto assets, worth a total of $5.875 billion! By comparison, the $300–400 million stolen from Bitget earlier looks like “small potatoes.”
What’s more, the hackers used an extremely cunning method: routing funds through addresses funded via Tornado Cash and exploiting the EIP-7702 delegation mechanism (apparently, they somehow got their hands on signatures made with hot wallet private keys). In a short time, they transferred enormous amounts of crypto out of multiple Binance hot wallets, including Binance 14, Binance 16, and Hot Wallet 34.
Fortunately, the authorities and various issuers responded quickly. They have now frozen a combined $2.54 billion in funds linked to the incident:
* Stablecoins: Tether quickly froze around 1.768 billion USDT, while Circle froze around 823 million USDC.
* Major cryptocurrencies: The assets involved also include approximately $1.44 billion in BTC (1.827K coins) and $1.04 billion in ETH (460.56K coins), among others.
Although the bulk of the stablecoins has been firmly frozen, some non-stablecoin assets, such as ETH, have still been transferred away by the hackers. The incident is continuing to unfold.
Bitcoin and the broader market have already been highly volatile lately, and now this massive incident has happened. If you’re holding positions, keep a close eye on the market and be sure to manage your risk!
According to Arkham monitoring data reported by BlockBeats, the hacker group was involved in a whopping 65 different crypto assets, worth a total of $5.875 billion! By comparison, the $300–400 million stolen from Bitget earlier looks like “small potatoes.”
What’s more, the hackers used an extremely cunning method: routing funds through addresses funded via Tornado Cash and exploiting the EIP-7702 delegation mechanism (apparently, they somehow got their hands on signatures made with hot wallet private keys). In a short time, they transferred enormous amounts of crypto out of multiple Binance hot wallets, including Binance 14, Binance 16, and Hot Wallet 34.
Fortunately, the authorities and various issuers responded quickly. They have now frozen a combined $2.54 billion in funds linked to the incident:
* Stablecoins: Tether quickly froze around 1.768 billion USDT, while Circle froze around 823 million USDC.
* Major cryptocurrencies: The assets involved also include approximately $1.44 billion in BTC (1.827K coins) and $1.04 billion in ETH (460.56K coins), among others.
Although the bulk of the stablecoins has been firmly frozen, some non-stablecoin assets, such as ETH, have still been transferred away by the hackers. The incident is continuing to unfold.
Bitcoin and the broader market have already been highly volatile lately, and now this massive incident has happened. If you’re holding positions, keep a close eye on the market and be sure to manage your risk!
