WS #16606
Binance confirmed a historic $6.3 billion hack of its hot wallet, executed by an attacker exploiting the EIP-7702 protocol to gain control over user signatures. The exchange has halted withdrawals and initiated a full security review, with a proof of reserves report promised for Monday. This event introduces significant counterparty and security risk to the crypto ecosystem, potentially pressuring exchange tokens and digital asset proxies. The sophistication of the attack using known protocol flaws suggests systemic vulnerabilities in DeFi and centralized exchange security models.
Binance Crypto Hack
Binance confirmed a historic $6.3 billion hack of its hot wallet, executed by an attacker exploiting the EIP-7702 protocol to gain control over user signatures. The exchange has halted withdrawals and initiated a full security review, with a proof of reserves report promised for Monday. This event introduces significant counterparty and security risk to the crypto ecosystem, potentially pressuring exchange tokens and digital asset proxies. The sophistication of the attack using known protocol flaws suggests systemic vulnerabilities in DeFi and centralized exchange security models.