Binance said it has replenished about 98% of the assets affected by the incident using company funds, and Co-CEO Richard Teng said about $2.85 billion has been frozen. Binance told reporters the attackers, whom it linked to North Korea, used a fake job interview to get in and then abused an Ethereum feature called EIP-7702 to gain control over a hot wallet. Cointelegraph's follow-up quotes a CertiK analyst saying public blockchain data cannot show how Binance's internal signing limits worked.
Why it mattersIt is the largest crypto theft on record by the figures reported, and the details point at wallet-signing controls rather than a flaw in customer deposits.
Glossary
- Hot wallet
- A crypto wallet connected to the internet so an exchange can process withdrawals quickly. It holds only part of customer assets; the rest stays in offline cold storage.
- EIP-7702
- An Ethereum upgrade that lets a regular account temporarily act with smart-contract powers by delegating permission to code.
News summary written by fadeCT from the linked reporting. Not financial advice. The fadeCT take, when present, is opinion.