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$6.3 billion stolen from Binance—the details are more unsettling than you might imagine
The FBI’s preliminary findings point to North Korea’s Lazarus Group. But what really sends a chill down your spine isn’t “who did it?” but “how did they do it?”
According to Binance’s disclosure, this wasn’t a smash-and-grab attack. The hackers spent several months first infiltrating the company through fake job interviews and obtaining employee credentials, then escalating their efforts with malware and Binance’s own internal AI tools. Finally, they exploited Ethereum’s new EIP-7702 feature to quietly transfer control of hot wallets.
A few numbers are worth remembering. In the nine and a half hours after Binance resumed withdrawals, net outflows reached $3.64 billion, or 2.1% of the platform’s total assets. Put another way, 98% of users didn’t flee, and deposits continued to flow in. Binance has used its own funds and SAFU to cover about 95% of the losses. The remaining 5% is mainly in less liquid tokens, which it is still buying back.
As for reserves, there are still ten assets with reserve ratios above 100%. A new snapshot of zero-knowledge proofs will be generated today, with broader coverage.
CZ’s position is that the company will bear the losses—not pass them on to users or rely on external borrowing.
Meanwhile, in the United States, the midterm elections are approaching. Democrats are expected to win both chambers of Congress. Bitcoin briefly fell to $75,700, and the Fear and Greed Index dropped to 34, entering fear territory. ETFs saw net outflows for two consecutive days, with nearly $400 million flowing out of Bitcoin in a single day.
But don’t forget: Strategy added another 810 BTC last week, and Strive added 124. Some institutions are fleeing, while others are buying the dip.
The retail investor’s take is simple. What this incident exposed isn’t just a Binance problem; it’s a problem shared across the industry: new features are launched too quickly for security audits to keep up; internal access controls are too lax, leaving gaps that social engineering and AI can exploit; and although cross-border law enforcement cooperation is effective, recovering stolen assets takes too long.
Markets fall, and they recover. $6.3 billion is no small amount, but it’s less than 4% of Binance’s total assets. The real test lies in the months ahead…#币安10·30安全事件调查报告 #美国中期选举：市场有哪些期待？
$6.3 billion stolen from Binance—the details are more unsettling than you might imagine
The FBI’s preliminary findings point to North Korea’s Lazarus Group. But what really sends a chill down your spine isn’t “who did it?” but “how did they do it?”
According to Binance’s disclosure, this wasn’t a smash-and-grab attack. The hackers spent several months first infiltrating the company through fake job interviews and obtaining employee credentials, then escalating their efforts with malware and Binance’s own internal AI tools. Finally, they exploited Ethereum’s new EIP-7702 feature to quietly transfer control of hot wallets.
A few numbers are worth remembering. In the nine and a half hours after Binance resumed withdrawals, net outflows reached $3.64 billion, or 2.1% of the platform’s total assets. Put another way, 98% of users didn’t flee, and deposits continued to flow in. Binance has used its own funds and SAFU to cover about 95% of the losses. The remaining 5% is mainly in less liquid tokens, which it is still buying back.
As for reserves, there are still ten assets with reserve ratios above 100%. A new snapshot of zero-knowledge proofs will be generated today, with broader coverage.
CZ’s position is that the company will bear the losses—not pass them on to users or rely on external borrowing.
Meanwhile, in the United States, the midterm elections are approaching. Democrats are expected to win both chambers of Congress. Bitcoin briefly fell to $75,700, and the Fear and Greed Index dropped to 34, entering fear territory. ETFs saw net outflows for two consecutive days, with nearly $400 million flowing out of Bitcoin in a single day.
But don’t forget: Strategy added another 810 BTC last week, and Strive added 124. Some institutions are fleeing, while others are buying the dip.
The retail investor’s take is simple. What this incident exposed isn’t just a Binance problem; it’s a problem shared across the industry: new features are launched too quickly for security audits to keep up; internal access controls are too lax, leaving gaps that social engineering and AI can exploit; and although cross-border law enforcement cooperation is effective, recovering stolen assets takes too long.
Markets fall, and they recover. $6.3 billion is no small amount, but it’s less than 4% of Binance’s total assets. The real test lies in the months ahead…#币安10·30安全事件调查报告 #美国中期选举：市场有哪些期待？