Binance's $6.3B Heist

Attackers stole approximately $6.3 billion from Binance in about 20 minutes, exploiting the EIP-7702 standard and a smart contract that let them take control of hot wallets through the signing system—not by breaking the blockchain network. They sent 50 consecutive authorization requests to one wallet; 49 were rejected and one was accepted. They then withdrew assets from 11 wallets, including more than 167,000 Ether and $1.615 billion in Tether, and later took $823 million in USDC. Binance said the breach began on one of its engineers’ computers. TRM Labs and Chainalysis suspected the involvement of the TraderTraitor group, which is linked to Lazarus, but did not conclusively identify the perpetrators. Assets worth about $3 billion were frozen, while the platform said it would cover the losses. Experts concluded that the incident highlights the risks of persistent software permissions and automated signing systems, and the need to audit and review them.

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