How Hackers Siphoned $300M in XRP from Binance

Update (Oct 30, 11:12 UTC): According to Cointelegraph, the attacker's Bitcoin holdings have reached 18,270 BTC alongside an Ether stash exceeding 500,000 ETH.

Update (Oct 30, 11:12 UTC): Security analysts report that Ethereum's EIP-7702 upgrade may have amplified losses by helping attackers bypass withdrawal safeguards during the breach.

Update (Oct 30, 10:57 UTC): According to Cryptonews, fresh details outline the method behind the incident, revealing how hackers siphoned the funds from Binance.

Cryptocurrency platform Binance has been hit by a major security breach resulting in the theft of $6.3 billion, according to a report published by Rte.

The incident represents one of the largest security events in the history of the digital asset sector. The full extent of the platform compromise and the exact vector used in the exploit are currently emerging as markets react to the massive outflow of funds.

Security Incident Details

According to Rte, the unauthorized transfer drained $6.3 billion from the cryptocurrency platform. Further details regarding recovery efforts, freezing of compromised addresses, and official statements from Binance are awaited as authorities and on-chain analysts monitor the movement of stolen assets.

Key facts

• Cryptocurrency platform Binance suffered a theft totaling $6.3 billion.
• The security incident was reported by Rte.
• Investigations into the breach and asset tracking are ongoing.