WuBlockchain
Binance suffered an estimated $6.3 billion hack on October 30, making it the largest crypto theft on record. Attackers drained hot wallets across multiple blockchains in under four hours.
Why it matters
Binance suspects its internal systems were compromised, but said it found no evidence of leaked private keys. The full attack path remains under investigation, leaving the point of entry unresolved.
Market impact
The attackers converted some stolen USDT into ETH and TRX. They also deposited 60 million USDT into Aave and borrowed 19,762 WETH, valued at $44.6 million. Moving funds into assets that token issuers cannot directly freeze complicates efforts to contain the stolen funds.
Frequently asked questions
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How did attackers access Binance hot wallets?
Binance suspects its internal systems were compromised but found no evidence of leaked private keys. The full attack path remains under investigation.
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How quickly were the Binance hot wallets drained?
Attackers drained hot wallets across multiple blockchains in under four hours.
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What did attackers do with some of the stolen USDT?
They converted some USDT into ETH and TRX, and deposited 60 million USDT into Aave to borrow WETH.
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How much WETH did attackers borrow from Aave?
They borrowed 19,762 WETH, valued at $44.6 million, after depositing 60 million USDT.
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Why does moving funds into ETH and WETH complicate recovery?
The reported shift was into assets that token issuers cannot directly freeze, complicating efforts to contain the stolen funds.
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