Binance Hack Begins With $296 Million XRP Theft
Investigation reveals the attacker spent 36 hours preparing before moving billions across ten different networks.
Security Editor: Fabricio Marcilio 1 min read
A cyberattack against Binance resulted in the theft of $6.36 billion in digital assets. The operation began with the withdrawal of $296 million in XRP and was preceded by a 36-hour preparation period.
On-chain investigations revealed that the attacker used test wallets and malicious code to coordinate transfers across ten different blockchains. The process started with deposits from the Tornado Cash service and continued with smart contract testing on Ethereum networks.
Most of the assets left the exchange's linked wallets in a span of just 20 minutes. The total volume moved makes this the largest cryptocurrency theft recorded in market history.
Binance's own reserve data confirms that the compromised addresses held customer balances. The company now faces an estimated 6% gap in its ether reserves until the funds are replenished.
The attacker used EIP-7702 authorizations to delegate transaction execution to a malicious contract. The coordination included massive transfers of Bitcoin, USDT, and TRX shortly after the main attack began.
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