Binance Sets Aside $6.34B to Cover Hack Losses, CEO Says ‘Your Assets Are Safe’
Summary
Cryptocurrency exchange Binance has established a multi-billion dollar reserve to cover potential losses following a security breach. The company leader stated that user funds remain secure despite the incident. According to executives, the perpetrator bypassed standard approval controls by exploiting a specific delegation method and a self-destruct mechanism.
Richard Teng said the attacker used a self-destruct mechanism and an EIP-7702 delegation that bypassed Binance's normal approval controls.
Source: Read the full story at Decrypt
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