Last week, hackers drained $6.3 billion from Binance, the world’s largest crypto exchange, in what blockchain analysts call the largest theft of any kind in history. The FBI blames TraderTraitor, a North Korean state hacking unit, though North Korea denies it. Patrick Boyle looks at how the Binance hack worked: a fake job interview, Binance’s own internal AI tool, an Ethereum feature called EIP-7702, and fifty pre-signed transactions. It covers why Tether and Circle could freeze billions in stolen stablecoins while the hackers’ bitcoin and ether stayed out of reach, how North Korea launders and cashes out stolen crypto, and why bitcoin barely moved while Coinbase and Circle shares fell. It also asks what CZ’s Twitter spat with Elon Musk tells us about crypto’s supposedly decentralized financial system.
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