Shenyu, co-founder of Cobo, recounted the Binance hack: Hackers prepared two days in advance, rehearsed twice, and used Binance's "self-signed" authorization. Cobo co-founder Shenyu released a video recounting the Binance hack that occurred early this morning. He discovered that the authorization to transfer assets used the private key of Binance's hot wallet. According to his analysis, the hackers began preparing the day before yesterday afternoon, withdrawing small amounts of money three times from the mixer Tornado Cash as transaction fees. Before the attack, they rehearsed twice with a test wallet and prepared a list of 64 tokens to be scanned. At 4:20 AM, a transaction containing 50 EIP-7702 authorizations was recorded on the blockchain. Three minutes later, Binance's hot wallet was emptied, leaving only 1 ETH. Approximately $5.8 billion was transferred across the three blockchains, with about $2.8 billion already frozen. The hackers were in a hurry to exchange USDT for the illiquid ETH, losing approximately $70 million in this step alone. Currently, nearly 460,000 ETH are frozen in a new address. Shenyu believes the problem lies in the signature process, not a loophole in the contract. https://www.(youtube.com)/watch?v=ISVWj5q8D-8&feature=youtu.be