Binance allegedly hit by largest crypto hack ever, $6.3 billion at risk

On October 30, Binance, one of the world's largest crypto exchanges, suffered a security incident potentially involving $6.3 billion in assets. Attackers exploited the EIP-7702 account authorization mechanism to transfer funds from hot wallets across multiple blockchains including Ethereum, Bitcoin, and Solana. Stablecoin issuers Tether and Circle subsequently froze approximately $15.7 billion and $8 billion respectively. The incident raises concerns about exchange custodial risks and the security of wallet authorization mechanisms.