A very sad day for crypto. Binance confirms nearly $6.3 BILLION was affected in what could be the industry’s largest security incident to date. The industry came together quickly…
Original source excerpt
A very sad day for crypto. Binance confirms nearly $6.3 BILLION was affected in what could be the industry’s largest security incident to date. The industry came together quickly to freeze nearly $3…
A very sad day for crypto. Binance confirms nearly $6.3 BILLION was affected in what could be the industry’s largest security incident to date. The industry came together quickly to freeze nearly $3 Billion in assets that left the world’s largest crypto exchange. The attacker exploited a vulnerability in EIP-7702 delegation which allows hot wallets to hand control to smart contract code. The attack began around 4:30pm ET on Thursday, per on-chain data from Arkham. Blockaid's preliminary assessment points to a "key misuse," similar to the Bybit exploit, where attackers compromise the signing infrastructure, though the firm says there isn’t enough information at this point to confirm. Funds left across Ethereum, Bitcoin and Tron, and the attacker reportedly still holds over 18,000 $BTC. Tether froze $1.567 BILLION in $USDT and Circle froze over $800 MILLION in $USDC. Ripple, World Liberty, BitGo and Paxos also froze stolen assets, and Arbitrum's Security Council froze around $30.5 MILLION. Aave froze its lending markets as a precaution, after the attacker borrowed $ETH against stolen $USDT. Markets took a hit as the news spread: Crypto cascaded to liquidate nearly $1.5 BILLION in the past 24 hours. $BTC fell below $77,000, and $ETH below $2,200. Altcoins reportedly sold by the attacker, including $ENA, $UNI, $LINK and $PEPE, fell around -10% to -15%. Binance has suspended deposits and withdrawals while it runs security checks and works with law enforcement. The exchange reassures all users funds are safe and it "will cover ALL losses" owith a full post-mortem to follow once its investigation is complete.
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