Hackers used a $15 wallet permission to move $2.5B from Binance: maybe crypto security isn't ready for prime time. "Hackers stole $6.3 billion from Binance and used a feature to…
Original source excerpt
Hackers used a $15 wallet permission to move $2.5B from Binance: maybe crypto security isn't ready for prime time. "Hackers stole $6.3 billion from Binance and used a feature to take 40% of the stole…
Hackers used a $15 wallet permission to move $2.5B from Binance: maybe crypto security isn't ready for prime time. "Hackers stole $6.3 billion from Binance and used a feature to take 40% of the stolen cryptocurrency in one transaction, reducing their chances of being caught. That was $15." "$15 network fees to install an Ethereum wallet delegation. Blockaid estimates that single permission enabled approximately $2.5 billion to be drained in one subsequent transaction." "The mechanism used Ethereum EIP-7702 wallet features. EIP-7702 lets a wallet authorize execution of another contract's code. The CoinDesk transaction analysis found valid authorizations signed by the affected Binance wallet." "The TLDR here is that a $15, basically, upgrade or permission was enough to hack $2.5 billion, which means maybe, just maybe, crypto security is not ready for prime time."
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