Hacking News
Binance Sets Aside Funds to Cover Hack Losses
Binance CEO Richard Teng announced that the company has reserved over $6.34 billion in funds to cover losses from a recent hack. The hack affected Binance's own hot wallet, not customer funds, and Binance is using its company funds to cover the stolen assets, including USDC, USDT, BTC, ETH, and BNB. The hack was attributed to the North Korean hacking group TraderTraitor and used a self-destruct mechanism and an EIP-7702 delegation to bypass normal approval controls.