This is why the market is crashing: another hack. The market reacted fastest—BNB down 9%, BTC below $79,000, and $630 million liquidated in one hour 😮💨
At 4:24 a.m., a single transaction swept a Binance hot wallet clean.
Over 40 minutes, about $3.3 billion flowed out on Ethereum. If confirmed, this would be more than twice the size of last year’s Bybit hack.
Tether and Circle have frozen about $1.8 billion. ETH can’t be frozen.
Binance says it’s still investigating. CZ says it looks like they were hacked 😂
How was it drained? On-chain analysis shows that on October 28, a new address received seed funds from Tornado Cash.
04:20 — The hot wallet was configured with an EIP-7702 delegation, with execution rights pointing to its contract.
04:24 — A single transaction swept out 167,000 ETH, $1.6 billion in USDT, and more than 60 other tokens.
04:41 — Another hot wallet saw $820 million in USDC flow out.
An EIP-7702 delegation has to be signed with the wallet’s private key. So where did the signature come from?
It’s unclear how much of the funds can be recovered. Circle froze $820 million in USDC, and Tether froze about $970 million in USDT. Some reports say the amount frozen has already exceeded $1.5 billion. More than $400 million worth of ETH can’t be frozen and has already been moved to new addresses. Some USDT was split up and transferred before it could be frozen.
The stablecoins were frozen quickly this time—more than half was stopped.
Next comes the usual round of questions: Were withdrawals suspended? What was the root cause? How much was ultimately lost? Will SAFU compensate users? In the next few days, links will definitely pop up claiming to offer Binance compensation or let you claim emergency asset migration funds. They’re all phishing links—don’t click. $BTC
At 4:24 a.m., a single transaction swept a Binance hot wallet clean.
Over 40 minutes, about $3.3 billion flowed out on Ethereum. If confirmed, this would be more than twice the size of last year’s Bybit hack.
Tether and Circle have frozen about $1.8 billion. ETH can’t be frozen.
Binance says it’s still investigating. CZ says it looks like they were hacked 😂
How was it drained? On-chain analysis shows that on October 28, a new address received seed funds from Tornado Cash.
04:20 — The hot wallet was configured with an EIP-7702 delegation, with execution rights pointing to its contract.
04:24 — A single transaction swept out 167,000 ETH, $1.6 billion in USDT, and more than 60 other tokens.
04:41 — Another hot wallet saw $820 million in USDC flow out.
An EIP-7702 delegation has to be signed with the wallet’s private key. So where did the signature come from?
It’s unclear how much of the funds can be recovered. Circle froze $820 million in USDC, and Tether froze about $970 million in USDT. Some reports say the amount frozen has already exceeded $1.5 billion. More than $400 million worth of ETH can’t be frozen and has already been moved to new addresses. Some USDT was split up and transferred before it could be frozen.
The stablecoins were frozen quickly this time—more than half was stopped.
Next comes the usual round of questions: Were withdrawals suspended? What was the root cause? How much was ultimately lost? Will SAFU compensate users? In the next few days, links will definitely pop up claiming to offer Binance compensation or let you claim emergency asset migration funds. They’re all phishing links—don’t click. $BTC
