Recap: How Binance’s record $6.3 billion hack unfolded
On Thursday hackers stole about $6.3 billion from Binance, the largest cryptocurrency theft on record. Onchain investigators attributed the exploit to North Korea-backed hackers, as with Bybit’s $1.5 billion loss in February 2025 and September’s Bitget breach. By Friday Binance found additional breach points; co-CEO Richard Teng said the attacker did not use only one engineer’s permissions and this was not a single one-click action. Binance set aside more than $6.34 billion in company funds to cover losses, including $5 billion in the same tokens stolen. Ethereum’s EIP-7702 drew criticism after attackers used it to drain a Binance wallet; Blockaid CEO Ido Ben-Natan said compromised signing systems likely enabled the theft and EIP-7702 may have helped bypass safeguards.
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