Hackers Paid $15 to Drain $2.5 Billion From Binance in One Hit

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   Hackers Paid $15 to Drain $2.5 Billion From Binance in One Hit

   Hackers extracted $2.5 billion from Binance hot wallets after paying roughly $15 in Ethereum network fees, using EIP-7702 to set authorization for a single transaction on October 29, 2026. The attack exploited a known vulnerability in Ethereum's account abstraction feature, allowing rapid access to funds. Multiple outlets including Bloomberg, The Straits Times, and security firm Blockaid confirm the fee amount and transaction mechanism.

   Why it matters

   The breach highlights risks in Ethereum's newer account abstraction features, particularly EIP-7702, which enables smart contract functionality for regular wallets. Binance has not yet recovered the stolen assets, which Chainalysis reports have flowed to Chinese launderers. The incident underscores ongoing security challenges as crypto infrastructure evolves and attracts sophisticated state-sponsored actors like North Korea's Lazarus Group, which Reuters identifies as the likely perpetrator behind the $6.3 billion total loss across multiple wallets.

   What is confirmed

   • Hackers paid approximately $15 in Ethereum network fees to access a Binance hot wallet and extract $2.5 billion in assets in a single transaction.
   • The attack used Ethereum's EIP-7702 feature to set authorization for the withdrawal.
   • The transaction occurred on October 29, 2026.
   • Binance co-CEO Richard Teng said hackers used fake job interviews and an AI tool to steal $6.3 billion in crypto.
   • Chainalysis reported that hack funds flowed to Chinese launderers.
   • North Korea's Lazarus Group is identified as the likely perpetrator behind the attack.

   Still unconfirmed

   • Employees at Binance were criticized for 'vibe coding' practices that contributed to the breach.
   • Insurers are facing significant exposure from the $6.3 billion total loss.
   • The total amount stolen across all Binance wallets is $6.34 billion according to some reports.

   What to watch next

   • Recovery efforts and any asset returns from the hackers
   • Binance's response including potential compensation for users
   • Investigation into whether internal employees were involved in the scheme
   Sources used for this update (13)

   1. CNBC — Binance co-CEO Richard Teng says hackers used fake job interviews, AI tool to steal $6.3 billion in crypto
   2. The New York Times — Binance Says Hackers Plotted $6.3 Billion Heist for Months
   3. Ars Technica — Binance says hackers who stole billions in crypto spent months planning heist
   4. Futurism — It Turns Out Binance’s $6 Billion Hack Happened Because Its Employees Were Vibe Coding
   5. Bloomberg.com — Hackers Paid $15 to Drain $2.5 Billion From Binance in One Hit
   6. Reuters — North Korea's army of world-class hackers is secret weapon that took down Binance
   7. Gizmodo — Insurers After $6.3 Billion Crypto Heist: D’oh!
   8. The Japan Times — Binance hack funds flow to Chinese launderers, Chainalysis says
   9. WIRED — Binance Says Hackers Used Well-Known Tricks to Carry Out a $6.34 Billion Heist
   10. www.straitstimes.com — Hackers paid US$15 to drain US$2.5b from Binance in one hit
   11. www.ababnews.com — Blockaid: Attackers paid about $15 in fees to transfer about ...
   12. weissratings.com — Binance Hack: How a $15 Move Helped Hackers Steal $2.5 Billion
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