BeInCrypto· Lockridge Okoth·· 2d agoSelected
Binance confirms largest crypto hack in history, $5.5 billion traced from hot wallets
Original source: BeInCryptoRead original
AI brief
Blockchain investigators traced up to $5.5 billion in suspicious transfers from Binance hot wallets on Thursday. Tether froze over $1.567 billion in USDT and Circle froze over $800 million in USDC. Security researchers suspect attackers exploited the Ethereum feature EIP-7702 to gain control of a Binance wallet, submitting 50 signed authorizations before successfully draining approximately 167,464 ETH and 1.615 billion USDT. Both Binance exchange withdrawals and Binance Alpha trading remain suspended.
Why it matters
Readers need to understand the scale of the confirmed hack, the specific exploit mechanism involving EIP-7702, and the immediate market impact as major stablecoin issuers froze billions in user funds.
Source: BeInCrypto · beincrypto.com