Binance has released further information concerning the unprecedented hack that drained more than $6.3 billion worth of cryptocurrency from its wallets. While initial reports suggested the breach stemmed solely from a single compromised device, co-CEO Richard Tang clarified that the incident was significantly more complex. The attack, which lasted several hours, saw the perpetrator drain hundreds of millions of dollars in Bitcoin, Ethereum, USDC, USDT, and other digital assets.
According to Tang, the security incident likely originated with a compromised laptop belonging to a DevOps engineer. This breach allowed the attacker to access a service container and submit unauthorized withdrawal transactions. However, Tang emphasized that the hacker did not rely on a single engineer's permissions or execute a simple "one-click" action. Instead, the operation involved a sophisticated, multi-stage process. To date, the investigation has found no evidence of any wallet private keys being leaked, and responsibility has not been attributed to any specific individual.
The total value of the stolen funds is estimated at $6.3 billion by Tang, though crypto sleuth Wazz calculated the figure at approximately $6.17 billion by tracking wallets. Binance founder Changpeng "CZ" Zhao confirmed the general magnitude of the loss without specifying an exact number. Reports from the BBC indicate that Binance has discovered additional points of breach, suggesting the compromised laptop may not have been the only entry point for the attackers.
Despite the scale of the theft, a substantial portion of the stolen funds has been frozen by issuers. In response to comments made by Elon Musk regarding the incident, CZ stated that roughly $3 billion in funds have been secured. The exchange also highlighted its financial resilience, noting it holds a SAFU fund worth over $1 billion and more than $1 billion in SpaceX shares. Binance plans to publish a detailed technical post-mortem once the investigation is complete and all facts are verified, alongside an updated Proof of Reserves after remediation efforts conclude.
Sources: Mashable.