WuBlockchain
Binance Co-CEO Richard Teng said multiple people were involved in the roughly $6.3 billion hack on October 30. Investigators first suspected a compromised laptop, then identified other entry points. The attackers used self-destruct mechanisms to erase tools and traces, making the investigation harder.
Why it matters
Teng said the attackers used EIP-7702 to gain on-chain execution authority over a Binance hot wallet without passing the exchange's normal approval controls. The method bypassed safeguards designed to govern wallet transactions.
Market impact
Binance paused withdrawals while it rebuilds and tests its systems, targeting restoration within 40 hours. The exchange is also working with law enforcement to trace and recover the stolen funds.
Frequently asked questions
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How did attackers gain authority over Binance's hot wallet?
Richard Teng said attackers used EIP-7702 to gain on-chain execution authority over a hot wallet without passing Binance's normal approval controls.
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Why is the hack harder to investigate?
The attackers used self-destruct mechanisms to erase tools and traces. Investigators also found entry points beyond the compromised laptop they initially suspected.
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What did investigators initially suspect?
Investigators initially suspected a compromised laptop, but later found other entry points.
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Why did Binance pause withdrawals?
Binance paused withdrawals to rebuild and test its systems after the attack.
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What is Binance doing to recover the stolen funds?
Binance is working with law enforcement to trace and recover the stolen funds.
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