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Binance loses $6.3B
Hackers stole approximately $6.3 billion from Binance in about 20 minutes after exploiting the “EIP-7702” standard to give a smart contract ongoing control over hot wallets. The attackers sent 50 consecutive authorizations to the “Binance 14” wallet. One was accepted, enabling them to withdraw more than 167,000 ether and other assets; the attack then spread to 10 additional wallets over 12 minutes. Binance says the breach began on an employee’s computer, while security firms suspect the transaction-signing infrastructure was hijacked. The attackers’ identities remain unconfirmed. Assets worth about $3 billion have been frozen, and the platform says it will cover the losses.
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