Key facts
- Hackers stole $6.3 billion from Binance on Thursday.
- Binance has set aside over $6.34 billion to cover losses.
- Attackers used Ethereum's EIP-7702 upgrade to bypass safeguards and drain a hot wallet.
Hackers stole approximately $6.3 billion from Binance on Thursday, marking the largest cryptocurrency theft on record. Onchain investigators attributed the exploit to North Korea-backed hackers, who allegedly used Ethereum's EIP-7702 upgrade to bypass safeguards and drain a hot wallet. Binance co-CEO Richard Teng stated that the attacker gained execution authority without normal approval controls, and a "self-destruct mechanism" complicated the investigation. The exchange has set aside over $6.34 billion in company funds to cover the losses, while withdrawals remained suspended as of Friday afternoon.