A massive hack rocked Binance, but the story is different from what you might expect.

The hack wasn't caused by the theft of a single private key.

Instead, they targeted a DevOps engineer's device to gain access to an internal server.

The attacker cleverly exploited a vulnerability in the EIP-7702 signing mechanism.

They sent 50 simultaneous signatures to Binance Wallet 14 within seconds.

This enabled them to withdraw funds without compromising the wallet's private key itself.

Official estimates indicate a financial impact of $6.3 billion.

However, the swift response helped freeze $3 billion.

This was done in cooperation with major partners such as Tether and Circle.

This means the actual net loss is much lower.

The platform took immediate action to bring the situation fully under control.

This included a temporary suspension of all deposits and withdrawals.

It revoked authorization for the affected addresses to prevent any further withdrawals.

It worked with authorities and blockchain analytics firms to trace the funds.

It pledged to cover all losses from the SAFU emergency fund.#Hack