Crypto Security Alert: The Massive Binance Exploit Explained
The crypto world was recently shaken by a massive security breach. A coordinated exploit across 8 blockchains resulted in a staggering $6.28 billion stolen by an attacker. According to on-chain analysis, the attacker spent a full day preparing—testing EIP-7702 wallet delegation and deploying automated sweeping contracts before executing the strike
In a terrifying display of speed, over $6 billion was drained in just 55 minutes, which included a massive 18,270 BTC. Quick action from security teams and platforms has since managed to freeze roughly $2.8 billion, though an estimated $3.27 billion still remains movable
Amid the panic, Binance co-founder and co-CEO Yi He has stepped forward, assuring users that Binance will cover all losses resulting from the hack. As a precaution, deposits and withdrawals have been temporarily suspended while security checks are performed, funds are frozen, and authorities are consulted. Binance has emphasized that user funds remain safe overall, and a comprehensive post-mortem report is expected soon
Stay safe, stay updated, and always prioritize security in the Web3
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