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Binance hack funds flow to Chinese launderers, Chainalysis says
- Hackers stole $6.3 billion from Binance by weaponizing EIP-7702, an Ethereum upgrade designed to simplify transactions, paying just $15 in network fees to compromise the exchange's hot wallet known as Binance 14.
- Infiltrators used phoney job postings to deceive an engineer into downloading malicious code on Oct 29, launching what Binance described as a "sophisticated, multi-stage campaign" involving social engineering and compromised devices.
- Operating under new permissions, the attacker's software moved roughly $2.5 billion in a single transaction, according to Blockaid, including 167,464 Ether and more than 60 tokens, with total stolen reaching $3.6 billion after subsequent sweeps.
- A Binance spokesman confirmed EIP-7702 "played a significant role" in the hack, stating "user funds remain protected, and Binance has absorbed the financial impact of this incident" while the exchange rebuilt wallet infrastructure and updated controls.
- The Federal Bureau attributed the theft to North Korea, though Pyongyang has denied any involvement, revealing how tools meant to simplify crypto accounts can make security breaches substantially more damaging to exchanges.
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46 Articles
Privacy Cash pauses deposits after $1.2m in linked inflows
Privacy Cash has temporarily paused deposits following the Binance hack, saying it will strengthen wallet screening after investigators traced about $1.2 million in theft-linked funds into its privacy pools. Privacy Cash announced the suspension in a Nov. 4 post, directly…
Coverage Details
Total News Sources46
Leaning Left0Leaning Right3Center5Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
C 63%
R 37%
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