🟥 Binance co-CEO Richard Teng on the platform hack:
▪️ The attacker used a “self-destruct” mechanism that eliminated the tools and traces of the attack while it was underway
▪️ We are currently rebuilding the withdrawal service and will not reactivate it until it has passed rigorous testing
▪️ We are conducting a comprehensive security review across all company divisions, including endpoints, cloud infrastructure, key management, and digital signing operations
▪️ We will publish a full Proof of Reserves report by Monday
▪️ The part affected by this incident was Binance’s own hot wallet
▪️ The attacker used a known multi-signature protocol called “EIP-7702” to obtain approval to carry out on-chain operations through the hot wallet
▪️ The attacker used a “self-destruct” mechanism that eliminated the tools and traces of the attack while it was underway
▪️ We are currently rebuilding the withdrawal service and will not reactivate it until it has passed rigorous testing
▪️ We are conducting a comprehensive security review across all company divisions, including endpoints, cloud infrastructure, key management, and digital signing operations
▪️ We will publish a full Proof of Reserves report by Monday
▪️ The part affected by this incident was Binance’s own hot wallet
▪️ The attacker used a known multi-signature protocol called “EIP-7702” to obtain approval to carry out on-chain operations through the hot wallet
