Shen Yu disclosed details about Binance being hacked, with the attacker transferring approximately 5.8 billion USD in 3 minutes

Cobo co-founder Shen Yu released a video reviewing the suspected theft incident at Binance from an on-chain perspective. Shen Yu stated that the attacker broadcast a transaction containing 50 authorization requests at 4:20 AM on October 30, and about 3 minutes later began to transfer assets in bulk, involving multiple chains such as Ethereum and Tron. Based on the prices at that time, the total amount of transferred assets was estimated to be around 5.8 billion USD.

The attacker utilized the EIP-7702 authorization mechanism to carry out the asset transfer, having previously prepared a transfer list covering 64 types of tokens and conducted two rehearsals using a test wallet, with the last rehearsal occurring about 3.5 hours before the official attack. During the attack process, the attacker also exchanged part of the USDT and other freezeable assets for ETH to evade the issuer's freezing measures.

Shen Yu disclosed that as of now, Tether has frozen 1.38 billion USDT, Circle has frozen 823 million USDC, Ripple has frozen 40.54 million RLUSD and other tokens. Of the approximately 3.75 billion USD in assets transferred on the Ethereum chain, about 2.4 billion USD has already been frozen; of the approximately 630 million USD in assets transferred on the Tron chain, about 380 million USD has been frozen. Shen Yu believes the core issue may lie in the signing process, and no contract vulnerabilities have been found so far. Whether it is a private key leak or a signing system exploitation remains to be further confirmed by Binance, and he reminded all trading platforms to investigate the risks of signing unexpected authorizations. The estimated 5.8 billion USD is the total amount of multi-chain transferred assets based on the prices at that time, not the confirmed final stolen loss.