Binance Loses $6.3B in the Largest Crypto Hack on Record
• On Oct 29 around 20:05 UTC, Binance hot wallets were drained across multiple chains. Co-CEO Richard Teng said an EIP-7702 delegation gave the attacker control without normal approvals, and more breach points were found later.
• TRM Labs and Chainalysis tie the attack to North Korea's TraderTraitor. About $3B is frozen, but frozen isn't recovered.
• Binance reserved over $6.34B of its own funds, targets a staged withdrawal restart on Sunday, Nov 1, and a reserve report by Monday.
Users look covered, but trust will hinge on how smoothly withdrawals reopen.
Not investment advice. DYOR.
• On Oct 29 around 20:05 UTC, Binance hot wallets were drained across multiple chains. Co-CEO Richard Teng said an EIP-7702 delegation gave the attacker control without normal approvals, and more breach points were found later.
• TRM Labs and Chainalysis tie the attack to North Korea's TraderTraitor. About $3B is frozen, but frozen isn't recovered.
• Binance reserved over $6.34B of its own funds, targets a staged withdrawal restart on Sunday, Nov 1, and a reserve report by Monday.
Users look covered, but trust will hinge on how smoothly withdrawals reopen.
Not investment advice. DYOR.
