COINTELEGRAPH · 2026-10-30 16:54 UTC

Recap: How Binance's record $6.3B hack unfolded

Hackers stole approximately $6.3 billion from Binance on Thursday, attributed to North Korea-backed attackers, marking the largest cryptocurrency theft on record. Binance co-CEO Richard Teng stated the breach involved multiple entry points beyond a single compromised engineer's laptop, and the company set aside $6.34 billion in funds to cover losses. Attackers exploited Ethereum's EIP-7702 upgrade to gain execution authority over a hot wallet and bypass approval controls; Binance suspended withdrawals while rebuilding security systems.

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