Binance's Teng Says Industry Must Learn From Hack: Do New Crypto Features Raise Risk?

Dextape brief

By Dextape Desk · November 4, 2026

Binance co-CEO Richard Teng said the sector should draw lessons from the $6.3 billion theft, and Binance published a detailed report. He tied the attack to North Korea per an FBI attribution and described a months-long campaign beginning in June. Attackers then used internal AI tools to reach the system that approved wallet transactions. The attackers exploited an Ethereum addition on October 29 that kept money moving after Binance halted withdrawals. One Ethereum wallet lost roughly 167,464 ether plus $1.6 billion of Tether (USDT). Researchers tie the method to EIP-7702, a May 2025 upgrade, according to Gizmodo, while Blockaid found 50 signed authorizations bundled into a single transaction. Ethlabs researcher Derek Chiang argued the feature is not broken, though it made theft faster.

Why it matters: The case shows how a new Ethereum feature and exchange signing systems can both expose crypto holdings, a question central to how the industry weighs new tools.

Mentioned: Ethereum, Tether, Binance

Summary by Dextape, based on reporting by BeInCrypto. Written with AI from the publisher’s text and checked automatically for copied wording and unsupported figures. Not investment advice.