Blockaid says compromised signing systems likely enabled Binance's $6.3 billion hack, the largest in crypto history, while the Ethereum EIP-7702 upgrade may have helped attackers bypass security checks by consolidating the theft into one sweep. Attackers could have stolen the funds without the upgrade, according to Blockaid's CEO Ido Ben-Natan, who suspects a compromised developer computer gave access to Binance's wallet-signing infrastructure. Binance confirmed the hack and pledged to cover all losses, first suspecting an engineer's laptop before uncovering more breach points, while CEO Richard Teng said investigators found no evidence that private keys leaked. EIP-7702, introduced in May 2025 with the Pectra upgrade, had drawn earlier security concerns over malicious delegations that drained wallets in May and September 2025. Ambire's Ivo Georgiev said the upgrade made little difference but warned that engineers might overlook revoking a malicious delegation after regaining control.
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cryptocybersecurityBinanceEthereum
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Related tickers and likely impact
ETH/USDT
▼ Likely negativeEthereum
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $285.6B |
| Close on 10/29/2026 | 2,253.13 |
| Change that session | -4.52% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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The attackers behind the $6.3 billion Binance hack now hold 18,270 BTC, worth about $1.4 billion according to Bitquery, which exceeds the 18,071 BTC Coinbase reported as of late September (17,954 BTC for investment and 117 BTC for operations). They also hold 508,621 ETH, more than the 495,362 ETH that BitcoinTreasuries.net attributes to The Ether Machine. Bitquery said the attackers initially stole 200,630 ETH and accumulated the rest by swapping stolen stablecoins and other tokens. Binance confirmed the hack, said about $3 billion in stolen assets had been frozen, and pledged to cover all losses. TRM Labs attributed the attack to North Korea's TraderTraitor group.
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Binance estimates the total impact of Thursday's security incident at around $6.3 billion, with about $3 billion frozen onchain. The exchange initially pointed to a compromised DevOps engineer's laptop but now says its investigation has uncovered 'additional points of breach.' Binance said it will cover all losses from its SAFU fund and company funds, and has reopened deposits while withdrawals remain suspended during a security revamp. Blockchain analytics firm Arkham put the haul at $6.01 billion taken from Binance hot wallets across nine blockchains, of which $2.80 billion was frozen by issuers and $2.9 billion could still be moved. Binance said it has found no evidence of any wallet private key leak.
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