Binance Hack Shows How One Ethereum Permission Drained $2.5 Billion
TL;DR Binance hack shows an attacker reportedly used Ethereum’s EIP-7702 authorization feature to drain approximately $2.5 billion from Binance’s Ethereum hot wallet. The attacker gained the ability to move funds without repeatedly requesting individual transaction approvals. The incident forms part of a wider Binance security breach estimated at $6.3 billion. Binance suffered one of the […]
Key Takeaways
- TL;DR Binance hack shows an attacker reportedly used Ethereum’s EIP-7702 authorization feature to drain approximately $2.5 billion from Binance’s Ethereum hot wallet.
- The attacker gained the ability to move funds without repeatedly requesting individual transaction approvals.
- The incident forms part of a wider Binance security breach estimated at $6.3 billion.
Summary generated by IndiCrypto from Bitcoinist. IndiCrypto is a news aggregator and does not provide investment advice. Read the original article for full context.
More in Regulation
Coinbase, Bitcoin Giant Strategy Fall as Binance Hack Rocks Crypto Stocks
Crypto-linked stocks plunged Friday as a multibillion-dollar Binance security breach collided with a broader technology selloff driven by concerns over AI spending. Coinbase dropped more than 12% and Strategy fell 6%, even after both companies reported…
THORChain’s RUNE Rallies as Binance Hack Funds Move Through Protocol
TL;DR: THORChain’s RUNE token climbed more than 13% to $0.67 after Binance confirmed a $6.3 billion security breach. The price increase came as on-chain investigators reported that funds connected to the Binance and Bitget hacks had passed through THORChain,…
XT Exchange: A Prediction Market Starts With a Question That Can Be Settled
XPredict brings event-based markets into XT Exchange, where a broad expectation becomes a position on a question with a defined outcome. A view about the future can be broad. A market that settles on an outcome has to be precise. Expecting interest rates to…