00:00
Speaker A
Hackers paid $15 to drain 2.5 billion from Binance in one hit.
00:06
Speaker A
So, as you know, hackers stole $6.3 billion from Binance and used a feature to take 40% of the stolen cryptocurrency in one transaction, reducing their chances of being caught. That was $15. This is what they're reporting.
00:18
Speaker A
$15 network fees to install an Ethereum wallet delegation. Blockaid estimates that single permission, approximately, enabled approximately 2.5 billion to be drained in one subsequent transaction.
00:29
Speaker A
The mechanism used Ethereum EIP-7702 wallet feature. Some real nerd stuff here.
00:33
Speaker A
EIP 772 lets a wallet authorize execution of another contract's code.
00:39
Speaker A
So CoinDesk's transaction analysis found valid authorization signed by the affected Binance wallet.
00:44
Speaker A
So,
00:46
Speaker A
I mean, the TLDR here
00:49
Speaker A
is that a $15 basically upgrade or permission was enough to hack $2.5 billion, which means maybe,
01:00
Speaker A
just maybe, uh crypto security is not ready for prime time. To give you a preview, I'm talking to Nathan from Anchorage on my Sunday podcast which will come out on YouTube, and, you know, they're one of the biggest custodians on the planet, a crypto bank.
01:10
Speaker A
We talked a lot about this and he really does believe that custody should be separated like it is in other markets.
01:15
Speaker A
We're going to see what the market does today, of course, uh over the weekend and into Monday.
01:20
Speaker A
Let's hope Bitcoin holds these levels and starts to push back up.
