Reportedroot causeStatement 134
The attacker used an EIP-7702 delegation to gain execution authority over a hot wallet, Teng said. That delegation “did not pass through our normal approval controls.”
Cointelegraph reported that co-CEO Richard Teng said the attacker used an EIP-7702 delegation to gain execution authority over a hot wallet, and that the delegation did not pass through Binance's normal approval controls.
This line is our short summary of the quote below. The quote is the evidence.
On the timeline
Cited in theories
- EIP-7702 caused the hack: Evidence for. Teng: the delegation did not pass through normal approval controls.
- Questions raised about approval controls during the 20-minute transfer: Context. Delegation did not pass through normal approval controls.
Other statements from the same source
ReportedamountStatement 117
Cointelegraph reported that Blockaid said it had identified roughly $3.3 billion in suspicious transfers involving Binance-linked wallets across Ethereum, Arbitrum and Avalanche.
Blockchain security firm Blockaid said its team had identified roughly $3.3 billion in suspicious transfers involving Binance-linked wallets across Ethereum, Arbitrum and Avalanche.
ReportedfreezeStatement 116
Cointelegraph reported that Tether CEO Paolo Ardoino said Tether had frozen more than $1.567 billion in USDT linked to the potential exploit.
Tether CEO Paolo Ardoino said the company had frozen more than $1.567 billion in USDT linked to the potential exploit.
ReportedfreezeStatement 115
Cointelegraph reported that Circle CEO Jeremy Allaire said Circle had frozen more than $800 million in USDC in coordination with law enforcement.
Circle CEO Jeremy Allaire said the company had frozen more than $800 million in USDC in coordination with law enforcement and would continue supporting the investigation.
ReportedfreezeStatement 114
Cointelegraph reported that Changpeng Zhao said the activity appeared to be a hack and that Tether and Circle had frozen approximately $971 million and $823 million respectively.
Binance co-founder Changpeng Zhao said the activity appeared to be a hack, adding that Tether and Circle had frozen approximately $971 million and $823 million, respectively. Zhao said he expected all user funds to be fully covered.
ReportedamountStatement 113
Cointelegraph reported that Arkham Intelligence identified wallets labeled binance-hacker-1029 holding approximately $5.84 billion, and noted that this is the wallets' reported holdings, not a confirmed estimate of stolen funds.
Blockchain analytics platform Arkham Intelligence later identified a collection of wallets labeled “binance-hacker-1029” holding approximately $5.84 billion in digital assets. The figure represents the wallets’ reported holdings rather than a confirmed estimate of stolen funds.