Recap: How Binance’s record $6.3B hack unfolded
Hackers stole about $6.3 billion from Binance, making it the largest cryptocurrency theft on record. Binance said investigators identified multiple breach points and ruled out a single engineer as solely responsible. The exchange attributed the loss to an attack that used an EIP-7702 delegation to gain execution authority over a hot wallet and bypass normal approval controls, though experts said the exploit could have occurred without the upgrade. Binance said it had more than $6.34 billion in company funds to cover the losses, suspended withdrawals while rebuilding the service, and planned a security review and proof-of-reserves report. Onchain investigators linked the attack to North Korea-backed hackers; Chainalysis observed rapid transactions consistent with automated laundering.
