The latest news: The Binance hack continues to unfold. Here’s a breakdown of the key developments by topic.
Crypto security · Freezes and recovery
In a nutshell: Binance has confirmed that a total of approximately $3 billion has been frozen, and the team says it will continue tracking the funds.
Commentary: The freeze figure has kept climbing, showing that coordinated action across the industry is working.
In a nutshell: The Arbitrum Security Council urgently transferred approximately 74.56 million $ARB and 8,425 $ETH from addresses involved in the incident.
Commentary: They acted before making an announcement—the Security Council’s response was decisive.
In a nutshell: WLFI has frozen approximately $27 million in $USD1 related to the incident. Ripple is also freezing related RLUSD and cooperating with the investigation.
Commentary: This time, stablecoin issuers’ ability to freeze funds has become a key part of recovering the stolen assets.
In a nutshell: SlowMist’s Cos said the attacker’s on-chain operations were crude and had been rehearsed in advance; EIP-7702 was used simply to make sweeping funds in bulk easier. The compromised address has revoked its EIP-7702 authorization.
Commentary: The method wasn’t especially sophisticated, but the abuse of authorization mechanisms should be a wake-up call for all wallet providers.
In a nutshell: Coinbase has blocked transfers to the wallets involved. KuCoin, Crypto.com, and Lido all say they were unaffected and that funds are safe.
Commentary: Exchanges blocking addresses for one another is one of the rare examples of positive cooperation in this incident.
Incident review · Scope of impact
In a nutshell: EmberCN is tracking approximately $3.43 billion in stolen assets. The largest portion is 18,270 BTC. The hacker now holds 467,000 ETH, and related addresses have also borrowed approximately 19,800 ETH from Aave.
Commentary: The BTC hasn’t been touched yet, but they’ve already started swapping altcoins for ETH.
In a nutshell: He Yi said users’ funds are safe and that Binance will cover all losses from the hack. Deposits and withdrawals are suspended pending the investigation, after which a full analysis will be published.
Commentary: The guarantee should help calm nerves for now. The next question is whether the post-incident analysis will provide a clear account of what happened.
Market moves
In a nutshell: BTC fell below $77,000, ETH below $2,200, and SOL below $95, with 24-hour declines of 5.1%, 6.1%, and 8.1%, respectively.
Commentary: The security incident, combined with selling pressure, has dragged major coins lower across the board.
In a nutshell: Over the past 12 hours, $1.231 billion in positions were liquidated across the crypto market, including $1.069 billion in long positions.
Commentary: Long traders took the hardest hit. At times like this, managing position size matters more than guessing the market’s direction.
What do you think of the efficiency of these freezes and recovery efforts? Can most of the stolen assets be recovered?
Crypto security · Freezes and recovery
In a nutshell: Binance has confirmed that a total of approximately $3 billion has been frozen, and the team says it will continue tracking the funds.
Commentary: The freeze figure has kept climbing, showing that coordinated action across the industry is working.
In a nutshell: The Arbitrum Security Council urgently transferred approximately 74.56 million $ARB and 8,425 $ETH from addresses involved in the incident.
Commentary: They acted before making an announcement—the Security Council’s response was decisive.
In a nutshell: WLFI has frozen approximately $27 million in $USD1 related to the incident. Ripple is also freezing related RLUSD and cooperating with the investigation.
Commentary: This time, stablecoin issuers’ ability to freeze funds has become a key part of recovering the stolen assets.
In a nutshell: SlowMist’s Cos said the attacker’s on-chain operations were crude and had been rehearsed in advance; EIP-7702 was used simply to make sweeping funds in bulk easier. The compromised address has revoked its EIP-7702 authorization.
Commentary: The method wasn’t especially sophisticated, but the abuse of authorization mechanisms should be a wake-up call for all wallet providers.
In a nutshell: Coinbase has blocked transfers to the wallets involved. KuCoin, Crypto.com, and Lido all say they were unaffected and that funds are safe.
Commentary: Exchanges blocking addresses for one another is one of the rare examples of positive cooperation in this incident.
Incident review · Scope of impact
In a nutshell: EmberCN is tracking approximately $3.43 billion in stolen assets. The largest portion is 18,270 BTC. The hacker now holds 467,000 ETH, and related addresses have also borrowed approximately 19,800 ETH from Aave.
Commentary: The BTC hasn’t been touched yet, but they’ve already started swapping altcoins for ETH.
In a nutshell: He Yi said users’ funds are safe and that Binance will cover all losses from the hack. Deposits and withdrawals are suspended pending the investigation, after which a full analysis will be published.
Commentary: The guarantee should help calm nerves for now. The next question is whether the post-incident analysis will provide a clear account of what happened.
Market moves
In a nutshell: BTC fell below $77,000, ETH below $2,200, and SOL below $95, with 24-hour declines of 5.1%, 6.1%, and 8.1%, respectively.
Commentary: The security incident, combined with selling pressure, has dragged major coins lower across the board.
In a nutshell: Over the past 12 hours, $1.231 billion in positions were liquidated across the crypto market, including $1.069 billion in long positions.
Commentary: Long traders took the hardest hit. At times like this, managing position size matters more than guessing the market’s direction.
What do you think of the efficiency of these freezes and recovery efforts? Can most of the stolen assets be recovered?