Binance complex hack details now point past a single compromised laptop. Co-CEO Richard Teng said investigators found more breach points. They also traced how attackers gained approval over a hot wallet. He said there is no evidence of a private-key leak. Binance says it will cover losses with company funds and its Secure Asset Fund for Users (SAFU). That is the stake for crypto hacks readers. They are watching whether the exchange can prove the forensics and refill the hole.
Binance Complex Hack Went Beyond a Compromised Laptop
In an X post, Co-CEO Richard Teng said Binance first suspected the hack began with a compromised laptop. Later findings uncovered more breach points. That made the attack more complex than a one-click breach.
Teng said the attacker accessed a service container. The attacker then submitted unauthorized withdrawal transactions. He stressed this was not one employee simply misusing permissions. Binance has not assigned responsibility to any individual.
Investigators said the attacker used a self-destruct mechanism to erase tools and traces. That slowed the security team’s path through the attack.
Teng also said the attacker exploited EIP-7702, an Ethereum authorization feature. That move gained on-chain execution approval over a Binance hot wallet. It let the attacker bypass Binance’s usual approval checks.
Binance has not reported a flaw in EIP-7702 itself. It said the attacker used the feature to get around its internal controls. The exchange said it has found no evidence that wallet private keys were exposed. The investigation continues. Binance plans to publish a technical post-mortem once findings are verified.
Binance Sets Aside $6.34 Billion to Cover Losses
Teng said customer funds were not affected. He said Binance would make users whole. The exchange has reserved more than $6.34 billion in company funds to cover the stolen assets, per Teng’s earlier update.
According to Teng, about $5 billion is already held in the same assets involved, including BTC, ETH, BNB, USDT, and USDC. Binance is working to acquire the remaining amount through market purchases and over-the-counter transactions.
The exchange put the estimated total impact at around $6.3 billion. It also said roughly $3 billion had been frozen on-chain with help from blockchain partners. Teng said most customer assets sit in cold wallets. They move to hot wallets when users request withdrawals.
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