Signal

Blockaid: Binance hackers stole ~$2.5B, or 40% of the $6.3B haul, in a single Ethereum transaction using wallet permissions that cost just $15 to set up

First reported by Bloomberg · 10m ago

The signal ●●●○ Compiled by AI from Bloomberg and Techmeme

Why you might care

The cost to exploit wallet permissions drops dramatically.

What happened

Binance hackers stole $2.5 billion, 40% of a $6.3 billion haul, in a single Ethereum transaction by exploiting wallet permissions that cost $15 to set up.

What it means

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This incident highlights a significant vulnerability in how wallet permissions are managed on the Ethereum network. It suggests that attackers can leverage seemingly inexpensive setup costs to execute massive thefts. The focus will likely shift towards strengthening these permission controls to prevent future large-scale breaches.

AI-written summary. May contain errors.

Crypto Security

Blockaid: Binance hackers stole ~$2.5B, or 40% of the $6.3B haul, in a single Ethereum transaction using wallet permissions that cost just $15 to set up

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