Wu Blockchain: Binance Co-CEO Says Attackers Used Self-Destruct Mechanisms, Making $6.3B Hack Harder to Trace
AI Market Summary
Binance disclosed a roughly $6.3 billion hack involving multiple actors, self-destruct mechanisms, and EIP-7702 abuse to bypass hot-wallet controls. The scale, temporary withdrawal pause, and forensic complexity elevate counterparty and security risk for exchange users. Short-term market impact centers on confidence in centralized venues, liquidity access, and potential regulatory scrutiny, keeping crypto risk sentiment defensive.
Impact level
● High
Affected assets
BNB/USDT+0.87%
AI Insight · BNB/USDTAI Insight
▼ Bearish
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Binance Co-CEO Richard Teng (@_RichardTeng) provided an update on the investigation into the roughly $6.3 billion hack on October 30, saying multiple people were involved. Investigators initially suspected a compromised laptop but later identified other entry points. Attackers used self-destruct mechanisms to erase tools and traces, complicating the probe. Teng said they used EIP7702 to obtain on-chain execution authority over a hot wallet without passing the normal approval controls at Binance. Binance paused withdrawals to rebuild and test its systems, targeting restoration within 40 hours. The exchange is also working with law enforcement to trace and recover the stolen funds.
