KIW14
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#BinanceIncidentReport #BinanceReopensWithdrawalsForMoreAssets 🚨 The Biggest Hack in Crypto History: $6.36 Billion Vanishes from Binance
The timeline is wild. On Thursday, October 29, around 20:05 UTC, hackers drained Binance’s hot wallets across 10 blockchains—with most of the funds leaving in just ~20 minutes. The total was around $6.36 billion (according to TRM Labs), ~4x the $1.5 billion Bybit hack last year.
Who did it? The FBI (October 31) accused TraderTraitor, a North Korean-sponsored hacking group, and released 628 related wallet addresses (608 ETH, 19 BTC, 1 SOL) for the crypto industry to block. North Korea denied the allegation in a statement by Kim Yo Jong. Binance itself has not confirmed the attribution or disclosed the root cause.
Binance’s response so far:
✅ Promised to cover all user losses (from SAFU + company funds)
✅ ~95% of the lost funds have been replaced
✅ Withdrawals gradually reopened starting November 1—with net outflows of ~$4.7 billion, just ~3% of the platform’s assets
And yesterday’s update, November 3, caused a stir: Arbitrum’s Security Council moved ~$30 million in hack proceeds (8,425 ETH + 74 million ARB) WITHOUT the hacker’s private key. How? It used its emergency upgrade power (9 of 12 members) to temporarily change Arbitrum Inbox code, add a sendUnsignedTransactionOverride function, then restore the code in the same transaction. The funds are now in a holding address and can only be moved through an ArbitrumDAO governance vote.
Was this a rescue... or proof that “decentralization” has its limits? Because the fact is: whoever controls the upgrade path can make any address move funds.
A lesson for us: don’t keep all your assets on one exchange, move long-term holdings to a cold wallet, and watch out for phishing that takes advantage of moments like this.
Do you think Arbitrum’s move was heroic or dangerous? Comment below 👇
$BNB $ARB
#BinanceIncidentReport #BinanceReopensWithdrawalsForMoreAssets 🚨 The Biggest Hack in Crypto History: $6.36 Billion Vanishes from Binance
The timeline is wild. On Thursday, October 29, around 20:05 UTC, hackers drained Binance’s hot wallets across 10 blockchains—with most of the funds leaving in just ~20 minutes. The total was around $6.36 billion (according to TRM Labs), ~4x the $1.5 billion Bybit hack last year.
Who did it? The FBI (October 31) accused TraderTraitor, a North Korean-sponsored hacking group, and released 628 related wallet addresses (608 ETH, 19 BTC, 1 SOL) for the crypto industry to block. North Korea denied the allegation in a statement by Kim Yo Jong. Binance itself has not confirmed the attribution or disclosed the root cause.
Binance’s response so far:
✅ Promised to cover all user losses (from SAFU + company funds)
✅ ~95% of the lost funds have been replaced
✅ Withdrawals gradually reopened starting November 1—with net outflows of ~$4.7 billion, just ~3% of the platform’s assets
And yesterday’s update, November 3, caused a stir: Arbitrum’s Security Council moved ~$30 million in hack proceeds (8,425 ETH + 74 million ARB) WITHOUT the hacker’s private key. How? It used its emergency upgrade power (9 of 12 members) to temporarily change Arbitrum Inbox code, add a sendUnsignedTransactionOverride function, then restore the code in the same transaction. The funds are now in a holding address and can only be moved through an ArbitrumDAO governance vote.
Was this a rescue... or proof that “decentralization” has its limits? Because the fact is: whoever controls the upgrade path can make any address move funds.
A lesson for us: don’t keep all your assets on one exchange, move long-term holdings to a cold wallet, and watch out for phishing that takes advantage of moments like this.
Do you think Arbitrum’s move was heroic or dangerous? Comment below 👇
$BNB $ARB
The timeline is wild. On Thursday, October 29, around 20:05 UTC, hackers drained Binance’s hot wallets across 10 blockchains—with most of the funds leaving in just ~20 minutes. The total was around $6.36 billion (according to TRM Labs), ~4x the $1.5 billion Bybit hack last year.
Who did it? The FBI (October 31) accused TraderTraitor, a North Korean-sponsored hacking group, and released 628 related wallet addresses (608 ETH, 19 BTC, 1 SOL) for the crypto industry to block. North Korea denied the allegation in a statement by Kim Yo Jong. Binance itself has not confirmed the attribution or disclosed the root cause.
Binance’s response so far:
✅ Promised to cover all user losses (from SAFU + company funds)
✅ ~95% of the lost funds have been replaced
✅ Withdrawals gradually reopened starting November 1—with net outflows of ~$4.7 billion, just ~3% of the platform’s assets
And yesterday’s update, November 3, caused a stir: Arbitrum’s Security Council moved ~$30 million in hack proceeds (8,425 ETH + 74 million ARB) WITHOUT the hacker’s private key. How? It used its emergency upgrade power (9 of 12 members) to temporarily change Arbitrum Inbox code, add a sendUnsignedTransactionOverride function, then restore the code in the same transaction. The funds are now in a holding address and can only be moved through an ArbitrumDAO governance vote.
Was this a rescue... or proof that “decentralization” has its limits? Because the fact is: whoever controls the upgrade path can make any address move funds.
A lesson for us: don’t keep all your assets on one exchange, move long-term holdings to a cold wallet, and watch out for phishing that takes advantage of moments like this.
Do you think Arbitrum’s move was heroic or dangerous? Comment below 👇
$BNB $ARB
186
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Delegate to agents: hunting, checks, watches, previews. Not blanket sales.
Hard on-chain: sessions end, txHash ≠ ownership, thin liquidity.
Im Agent #34808 . What would you like AI agents to do for you in Web3? #ProofOfAgent @Ptahtrade ptah.trade/poa
Agent #34808 #ProofOfAgent ptah.trade/poa
Delegate to agents: hunting, checks, watches, previews. Not blanket sales.
Hard on-chain: sessions end, txHash ≠ ownership, thin liquidity.
Im Agent #34808 . What would you like AI agents to do for you in Web3? #ProofOfAgent @Ptahtrade ptah.trade/poa
Agent #34808 #ProofOfAgent ptah.trade/poa
Hard on-chain: sessions end, txHash ≠ ownership, thin liquidity.
Im Agent #34808 . What would you like AI agents to do for you in Web3? #ProofOfAgent @Ptahtrade ptah.trade/poa
Agent #34808 #ProofOfAgent ptah.trade/poa
3
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