ImportantPANews
SlowMist Yu Xian: The EIP-7702 Mechanism Has No Flaws; The Binance Hacker Only Leveraged It to Achieve Bulk Token Theft
The technical clarification for the recent Binance-related hot wallet token theft incident has been officially released<p>SlowMist founder Yu Xian explicitly stated that the Ethereum EIP-7702 mechanism itself has no security issues. The core purpose for the hacker to select this mechanism in this attack is solely to simplify the operational process of bulk sweeping tokens from Binance-associated hot wallets.</p><p>On-chain retrospective data shows that the hacker's overall operation logic is relatively crude. Before launching the actual token theft, the hacker spent several hours conducting drills and preparations for related operations, and did not complete the attack by exploiting native vulnerabilities of EIP-7702.</p><p>Yu Xian also emphasized that even without the EIP-7702 mechanism, this hacker group could fully complete similar token theft operations through other existing technical paths. The root risk of this incident is not a design flaw in the Ethereum mechanism itself.</p>
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More flash news
View allBreakingBinance Hacker Is Transferring Over $1 Billion in ETH to New Wallets, Potentially Preparing to Launder Funds via Mixers
Per Onchain Lens monitoring, the hacker group reportedly linked to the $5.8 billion Binance exploit is transferring over $1 billion worth of ETH to new wallets, and may be preparing to launder the funds through mixers such as Tornado.
A New Wallet Deposits 2 Million USDC to Hyperliquid and Goes Long 22.78 Million ENA With 3x Leverage
Following the full dump of 217.5 million ENA (valued at $33.93 million) by the Binance hacker, market participants have initiated long positions on ENA. A newly created wallet with address 0xedc0 has deposited 2 million USDC to Hyperliquid, opening a long position of 22.78 million ENA (valued at $4.09 million) using 3x leverage.
SlowMist CISO recommends investigating the Binance theft incident around the private key leakage chain and abnormal withdrawal tools
Professional security guidance has been provided for the traceability investigation of the Binance theft incident.<p>Combined with past security forensics experience, SlowMist Chief Information Security Officer 23pds pointed out that in this one-time Binance asset theft incident, the attacker was able to bypass the platform's risk control system. At present, it is still critical to confirm whether the intrusion path stems from private key leakage or a compromised signing machine, and he personally leans toward the private key leakage hypothesis.</p><p>The security expert also assessed that the attacker most likely used a customized withdrawal tool to complete the asset transfer operation.</p><p>For subsequent traceability and forensics work, he recommended that the platform's security department focus its core investigation efforts on mapping the full chain of private key leakage, as well as identifying and tracing the characteristics of abnormal withdrawal tools, to more efficiently locate the attack source and recover the stolen assets.</p>
Whale Closes 36,500 ETH Positions to Avoid Liquidation, Incurs Total Losses Exceeding $38 Million
A whale holding a long position of 93,184 ETH (valued at $214 million) closed 36,517 ETH (valued at $80.56 million) to avoid liquidation, and still holds 56,667 ETH (valued at $125 million). The new liquidation prices are set at $2,122.44 and $2,129.72 respectively. This whale has incurred cumulative losses of over $38 million.
Coinbase CEO: Actively Blocking Transfers to Compromised Wallets, and Has Reached Out to Binance to Offer Assistance
Coinbase CEO Brian Armstrong stated that the team is making every effort to address the current situation, including blocking transfers to compromised wallets, and has contacted Binance to offer support. Armstrong noted that moments like this require collective industry-wide effort, with the top priority being to openly share useful information and help protect customers, regardless of which platform they use. He also added that the crypto industry has weathered many difficult periods and emerged stronger each time, and this instance will be no exception.