Around $6.3B in crypto assets was reportedly drained from Binance hot wallets. North Korea-linked TraderTraitor, associated with Lazarus, is suspected. Binance suspended withdrawals for up to 48 hours and pledged to cover losses through SAFU and company funds.
Why it matters
The reported loss equals 4.7% of the $135B held in tracked Binance wallets. About $3B in stolen assets was reportedly frozen. Investigators identified a compromised DevOps laptop as the suspected entry point, while the attackers reportedly used EIP-7702 to deploy a drainer contract.
Market impact
BTC fell 2%, ETH 3% and BNB 6% over 24 hours. The report compares BTC's move with a 10% daily drop during the FTX crisis, but the figures describe a smaller decline. Separately, $60M in USDT was deposited into Aave, where $44.6M in WETH was borrowed.
Source: [source](https://webappcsdfedsssd.controller.bot/media/files/8336652911/AgACAgIAAxkBAAJZKGrkU7-hvSb2saCox_BZGcH1YwaZAALUHGsbHn0hS3ZDZ9iDRSkKAQADAgADeQADPQQ?sig=YE5BFXalNgry-u4P03Lre4M3PR5sX7LeUtwaWatzfek)
Frequently asked questions
-
How much was reportedly taken from Binance hot wallets?
Around $6.3B in crypto assets was reportedly drained. The estimate equals 4.7% of the $135B held in tracked Binance wallets.
-
Who is suspected of carrying out the Binance hack?
North Korea-linked TraderTraitor, which is associated with Lazarus, is suspected.
-
How long could Binance withdrawals remain suspended?
Withdrawals were suspended for up to 48 hours. Binance pledged to cover losses through SAFU and company funds.
-
What was identified as the suspected entry point?
A compromised DevOps laptop was identified as the suspected entry point. EIP-7702 was reportedly used to deploy a drainer contract.
-
How did major crypto prices move over 24 hours?
BTC fell 2%, ETH fell 3% and BNB fell 6%. The report compares BTC's move with a 10% daily decline during the FTX crisis.
CoinDesk
CoinTelegraph
WuBlockchain
CryptoSlate
Lookonchain
TheBlock
Crypto News